Apple and Google were considerable players in establishing tap-to-pay regulations and technology. A new Consumer Financial Protection Bureau (CFPB) report has placed the spotlight on the way mobile wallets are impacted by the policies and practices of tech giants. This is particularly true when it comes to the way that smartphones and wearables are used to transact. For instance, Apple currently has a ban on bank and payment apps from being able to access the Apple iOS device tap-to-pay functionality, setting fees for mobile wallets through Apple Pay. On the…
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Will mobile payment technology be the end of ATMs?
The automated teller machine turns 50 years old in 2017 but some think its days might be numbered. The automated teller machine (ATM) turned 50 this year, but with mobile payment technology gaining ground, many wonder how long the older tech will last. Though these cash dispensing machines were once regular stops in consumers’ lives, their importance is fading. The first ATM was installed in north London at the Enfield Town location of Barclays Bank. The first customer to actually use one of these machines was Reg Varney, an actor…
Read MoreQR code transactions complete new Fintech Bank Bunq mobile payments
The bank’s new solution has integrated the quick response codes due to their security and versatility. The topic of QR code transactions generates a considerable amount of controversy in the mobile payments industry. Some experts debate that they are simple, affordable and available to most smartphone users. Others say they are inadequate and will never take off. Bitcoin has been using QR code transactions for quite a while and is seen as strong support for the barcodes. The Dutch “fintech bank” Bunq has now integrated QR code transactions into their…
Read MoreMobile payments are becoming a hit with restaurants and diners
Companies and brands are discovering a range of ways to appeal to their customers over their favorite devices. While mobile payments technology has taken longer to gain consumer acceptance than had been anticipated by many, and there have been some serious challenges that have arisen and that continue to need to be addressed, there are certain industries in which this tech has started to make some serious headway, and among them is the restaurant marketplace. Smartphone based transactions can provide customers greater convenience and speed in this environment. This has…
Read MoreMobile commerce platform embraced by UK banks
Five banks to pick up Zapp mobile commerce platform later this year Five of the United Kingdom’s largest banks are set to embrace mobile payments. First Direct, Nationwide, Santander, Metro Bank, and HSBC are moving to provide their combined 18 million customers with the ability to make mobile payments leveraging QR codes and NFC technology later this year. This will be made possible through the use of Zapp, a mobile commerce platform from VocaLink. The five banks have adopted the platform as a way to make it easier for mobile…
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