Apple introduced a new major update to its mobile payment system during this week’s Worldwide Developers Conference (WWDC). The tech giant showcased a new peer to peer payment system, which basically lets iOS mobile users send and also receive cash right within the tech giant’s own iMessage app. People can then facilitate and validate payments by way of the iPhone maker’s Touch ID fingerprint scanner technology. If a user receives cash from another user, the money is stored on an Apple Pay Cash Card, that is until the user decides to withdraw it or send it to another person.
Apple’s mobile payment system continues to expand its list of banking institution and credit union partners by adding more than 20 new names in the United States and a couple more in Russia. The tech giant has been busy with Apple Pay in the last three months -- weeks ago it had debuted the contactless mode of payment in Taiwan as well as in Ireland, which increases the number of countries with support for Apple Pay to a total of 15. Moreover, late in March, the company has added over 30 banks and credit unions across America, Australia, and China.
It appears that it might already be possible for iOS mobile users who have access to the cardless automated teller machines (ATMs) that Bank of America rolled out earlier in 2016 to withdraw money from said machines by way of the Apple Pay contactless mode of payment installed in their iPhone devices.
Apple has just revealed that Apple Pay, its mobile payment system, will now support credit and debit cards running on the Visa or MasterCard credit networks, plus the Interac debit network, for all the top five major banking institutions, as well as two smaller bank entities, in Canada. Indeed, as of May 10th of this year, Apple Pay is already available from the following:
Canadian Imperial Bank of Commerce (CIBC) -- Visa, MasterCard, Interac
Royal Bank of Canada (RBC) -- Visa, MasterCard, Interac
Alberta Treasury Branches (ATB) -- MasterCard, with support for Interac coming soon
Canadian Tire Financial Services -- MasterCard
Apple Pay is also coming in June to the following:
The largest oil and gas company in the world has just deployed a new feature that makes full use of Apple Pay, as well as a credit, debit, or checking account stored on its Speedpass+ mobile app. Indeed, ExxonMobil has joined the list of corporations (albeit still limited) taking advantage of mobile payment systems, which empower consumers to pay for products or services using their mobile devices. As for Apple’s own contactless mode of payment, Apple Pay is now rolling out in more than 6,000 Exxon or Mobil branded gas stations across 46 states in America.
A couple of banking institutions in the United States are working on integrating Apple Pay into their respective automatic teller machines (ATMs). It appears that both Bank of America and Wells Fargo already have their engineers busy developing options for Apple’s mobile payment system. Apple Pay has made some headway since it was launched by the iPhone maker in October in 2014, but having the system used together with ATMs is another whole new level entirely.
Google has revealed that it has indeed starting rolling out a new promotion in the United States, specifically a rewards program called “Tap 10” which is targeted at users of Android Pay, the company’s own mobile payment system. Android users are now offered a chance to receive rewards such as a Chromecast absolutely for free, and other freebies like movies, musical tracks, or subscriptions to Google Play. All these users have to do is utilize Android Pay when paying for items at local business establishments.
The biggest seller of smartphones in the whole world is planning to further expand its own mobile payment system in the United States in 2016, eventually letting mobile users do online shopping and even lengthening the list of mobile devices that support its contactless mode of payment to include even lower end Samsung handsets.
The world of mobile payment systems is already competitive. Apple got the ball rolling when it launched its Apple Pay system last year. And then in September of this year, two competing services -- Android Pay from Google and Samsung Pay from South Korean mobile giant Samsung -- officially landed in the United States market, further intensifying the competition.
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