Tag: wallet app

Pi mobile wallet app launched by Taiwan industry giants

7-Eleven, PChome, and CTBC have all introduced this new smartphone payments option.

PChome Online Inc subsidiary, Pi Mobile Technology Inc. has now launched the Pi mobile wallet app for consumers to use to may payments at over 5,000 convenience stores throughout Taiwan.

The application is the result of a collaborative effort among some of the major players in the country.

The Pi mobile wallet has come about because PChome, CTBC, and Uni-President Enteterprises are all working together to launch it. PChome is the top online shopping portal in Taiwan. CTBC Bank is the leading issuer of credit cards in the country. Uni-President Enterprises is the operator of Taiwan’s 7-Eleven franchise. According to Jan Hung-tze, the chairman of PChome, at a press conference, “The partnership with 7-Eleven is expected to accelerate growth in mobile payment usage in Taiwan, as smartphones and convenience stores have become an integral part of our daily lives.”

When the mobile wallet is combined with a credit card from CTBC, small purchases can be made.

Mobile Wallet App LaunchedThese mobile payments have a maximum limit of NT$1,000 (almost US$32.00). The wallet app allows consumers with a CTBC Bank credit card to buy products at the 7-Eleven stores across the country. All they need to do is have the Pi application running on their smartphones. When the user is ready to make a purchase, a unique barcode is displayed on the smartphone screen. It is then scanned at the checkout counter and the payment is automatically made. The transaction is then verified and completed when the user enters a four digit code.

In the country, cash payments currently make up an estimated 75 percent of all transactions, according to Jan. They are considerably behind the times when compared to the trends in other countries in the Asia Pacific region as well as in many nations around the world. In Singapore, South Korea, and Hong Kong, for example, cash payments have dropped to about 50 percent.

All credit card information from this mobile wallet is stored remotely, and transactions can be completed only if the four digit code is used. In that way, the mobile security features are in place to stop the device from being used to make purchases by the wrong person. Furthermore, the fact that it can be used only at 7-Eleven and it has a maximum transaction limit further reduces the risk of fraudulent charges.

Mobile wallet partnership formed between Neiman Marcus and Capital One

The retailer has decided to take its own direction instead of choosing to accept payments through Apple Pay.

Neiman Marcus, the luxury retailer, has now joined forces with Capital One in order to create its own mobile wallet so that its credit card customers will be able to use an app on their smartphones in order to pay for purchases while in store.

At first, the mobile app will be available only as an iOS application, so it will be for iPhone users.

This mobile wallet app will integrate with a number of different credit cards, including the Neiman Marcus card, in addition to Bergdorf Goodman, American Express, MasterCard, Visa, and Discover. Similar to Apple Pay, it will make it possible for customers to be able to buy items, in-store, without having to use their actual plastic credit cards. At the moment, the app won’t support the use of gift cards.

This helps to explain why Neiman Marcus chose not to sign on with the Apple Pay mobile wallet.

Mobile Wallet PartnershipIt is clear that the retailer preferred to create its own competing mobile payments platform. That said, what is quite interesting about this application, and what makes it very different from Apple Pay is that it is compatible with more versions of the smartphone. At the moment, Apple Pay can be used only with the iPhone 6 and the iPhone 6 Plus. However, the mobile payments wallet from Neiman Marcus will be available to users of several different versions of that iOS based smartphone.

While Apple Pay may be the most well recognized and visible smartphone wallet, there isn’t a single app in this space that has reached the point that it can say that it can block out most other competing applications that are hoping to make their way into this space.

Neiman Marcus isn’t the only one to choose not to sign on with Apple and that has decided to create its own mobile wallet. Starbucks – the company that is typically considered to be the most successful mobile payments venture in the United States – has also done so, as have Walmart, Exxon Mobil, 7-Eleven, and Southwest Airlines.