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Wealthy consumers are using mobile wallets to pay

05/10/202405/09/2024 John Montgallo

Among high-earning shoppers, 55 percent use digital payments to complete their transactions After a slow start, consumers are increasingly using mobile wallets to pay for purchases both online and in-store. That said, some demographics are using the technology more than others Regardless of whether they are shopping in-person in brick-and-mortar stores, or are shopping online, consumers are turning to mobile wallets more often to complete their transactions. That said, these digital apps and platforms such as Google Wallet, Apple Pay, and PayPal aren’t limited exclusively to transaction completion while shopping. …

PayPal gives its Venmo mobile payments app an overhaul

01/31/202401/30/2024 Stephanie Beck

The company’s stock has tumbled as much as 6.5 percent since last summer following product revamps. PayPal Holdings CEO Alex Chriss recently promised that the company would “shock the world” with changes coming up to products like its mobile payments. The announcement and the optimism it brought sent the stock price up by 5 percent for the days following. The upgrades include mobile payments app Venmo revamps as well as the opportunity to use the PayPal app to earn cash back. Furthermore, the checkout process for consumers has been streamlined,…

PayPal mobile payments suffer following Venmo’s removal from Amazon

12/15/202312/14/2023 Stephanie Beck

Mobile payments - Shares Drop - PayPal and Amazon logos

When the online marketplace giant made the announcement, PayPal started taking an immediate hit. PayPal shares have been falling since last week when Amazon announced to its users that the popular mobile payments service owned by PayPal, Venmo, would no longer be an accepted transaction method on its site or app. Amazon announced that the changes to the transaction method acceptance would start January 10. Though Venmo hasn’t yet been cut off for shoppers making mobile payments on Amazon, PayPal is already suffering from the decision as its stock price…

Apple sued over mobile payments market competition abuse allegations

12/01/202311/30/2023 Stephanie Beck

Venmo and Cash App customers have filed a class action lawsuit against the iPhone maker. PayPal’s Venmo and Block’s Cash App customers have sued Apple Inc. in a proposed class action lawsuit accusing the iPhone maker of having required consumers to pay “rapidly inflating prices” by manipulating mobile payments market competition. The class action lawsuit was filed by four customers from Georgia, Hawaii, New York and South Carolina. The mobile payments competition lawsuit was filed in a San Jose, California federal court. The filing accuses Apple of having violated US…

Apple Pay Later launches, letting US consumers buy now

03/31/202303/29/2023 Stephanie Beck

Apple Pay Later - Buy Now Pay Later - Mobile

This type of popular way of shopping has reached the iPhone maker and its mobile wallet. Earlier this week, Apple Pay Later was launched by the iPhone maker as a “buy now, pay later” (BNPL) service for consumers in the United States. The initial rollout is only to select users, but they do intend to complete a full rollout this year. The launch of Apple Pay Later is starting in the United States and will begin with a number of select users, expanding in coming months to a full rollout.…