Tag: apple mobile payments

JPMorgan is showing more support for mobile payments

| December 7, 2015

JPMorgan announces its support for Samsung Pay

JPMorgan has announced that it will be supporting Samsung Pay, adding to the number of mobile payments services it is backing. The financial institution already offers support for Apple Pay and Android Pay and is developing its own mobile payments platform through Chase, which will be called Chase Pay. Adding support for more payment services is expected to encourage more consumers to participate in mobile commerce as they will have more options to do so.

Millennials are powering the growth of the mobile payments space due to their comfort with mobile technology

The company has taken note of the significant growth in the mobile payments field. One of the driving factors of this growth is the popularity of mobile technology among young consumers. Millennials, in particular, have shown a great deal of comfort with mobile services and the demand for new payment services has grown among these consumers. Banks throughout the country are eager to engage these consumers by showing support for their favored mobile payments services.

Bank continues to see strong growth in its mobile consumer base

Mobile Payments - Image of JPMorgan Chase TowerJPMorgan has seen their mobile customer base grow by 21%, reaching 22.2 million by the third quarter of this year. Consumers want to use mobile payments services because they are seen as more convenient than traditional forms of commerce. These services also double as a type of digital wallet, allowing consumers to store their financial data for easy access. They can also use these digital wallets to store information from retailers, such as mobile coupons or data concerning loyalty programs.

Mobile payments will see significant growth throughout the US in the coming years

Mobile payments is likely to continue growing throughout the U.S. in the coming years. Over the holiday season, many consumers opted to use their mobile devices to make purchases online and in physical stores. Mobile payments services have proven to be quite popular, as they allow consumers to shop with more convenience. One of the issues preventing consumers from embracing mobile commerce, however, are security issues that exist in this sector.

Apple launches mobile payments platform in Canada

| November 20, 2015

Apple Pay has finally come to Canada, officially launched this week

Apple Pay has officially launched in Canada, where it may be able to find more traction among consumers than it has in the United States. Apple launched its mobile payments platform in the U.S. late last year, but Apple Pay has not found the degree of success that Apple had expected. Of the 1 million people that are registered for Apple Pay, approximately only 5% use the service regularly. In Canada, Apple may be able to find more consumers that are interested in mobile payments.

Consumers in Canada have shown a great deal of interest in mobile payments

Canadian consumers now have access to Apple Pay, which will allow them to use their mobile devices to make purchases at physical stores and online. Physical payments are accomplished by “tapping” the mobile device to a payment terminal, which is equipped with NFC technology. NFC is designed to transmit data over short distances, which makes it an ideal tool for mobile payments. Only those with the latest iPhones will be able to use Apple Pay, however, due to the fact that these are the only iPhones that are equipped with NFC technology.

Apple is slowly breaking into new markets with its mobile payments service

Apple Pay - Mobile Payments CanadaApple has opted to take a relatively slow approach to the expansion of its mobile payments service. The company has shown interest in bringing the service to other countries, but it has opted to take its time in doing so. The slow approach may pay off in the long run, as consumers will become more comfortable with mobile payments when apple Pay becomes more available.

Consumers in the US are lagging when it comes to mobile payments adoption

While consumers are becoming more interested in mobile payments, they still prefer more traditional forms of commerce, such as paying with plastic cards and using physical currency. In the United States, mobile payments is growing, but at a slower pace than what is being seen in other countries. As such, many organizations are beginning to focus on these markets with their mobile payments services.