What's New in Payments

Banks balk at Apple Card business

A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser — CNBC — “‘Dude, if that portfolio ever makes money, I’m buying you a beer,’ an employee at the card department of a big bank texted a Goldman staffer… Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks… Goldman is ‘thrilled’ to be partnering with Apple, according to Andrew Williams, a spokesman for the New York-based bank.”


What's New in Payments

Analyst: Rise of OEM Pay smartphone wallets to cost banks US$15bn — in Australia alone

$22b of bank revenue at risk from smartphone wallets: Morgan Stanley — The Australian Financial Review — “Smartphone digital wallets offered by Google, Apple and other technology giants will put A$22bn of revenue across the major Australian banks at risk, according to Morgan Stanley… Its analysts came to that figure after looking into how a banks’ payments capability influences decisions relating to other products. This includes transaction accounts that give major banks an opportunity to cross-sell customers more profitable products such as mortgages.”


What's New in Payments

Mastercard to make Apple Card technology available to other issuers

Inside the Apple Card: Mastercard’s ‘digital first, physical optional’ platform — PaymentsSource — “Following about 18 months of secretive development with Apple and Goldman Sachs, Mastercard is ready to bring the same offering to other issuers. Its platform carries over many of the features that Apple Card users will get, according to Chris Reid, Mastercard’s executive vice president of cyber intelligence and data services for North America.”



What's New in Payments

Apple Pay goes live in Luxembourg and Hungary

Apple Pay launches in Hungary and Luxembourg — MacRumors — “In Luxembourg, BGL BNP Paribas is currently the sole bank supporting Apple’s digital wallet, while OTP Bank is supporting Apple Pay in Hungary… The expansion within Europe follows the launch of Apple Pay in Iceland earlier this month. Elsewhere, regional banks in The Netherlands and Portugal have teased that Apple’s contactless payment system is ‘coming soon’.”




NFC World

Apple to include an NFC tag in Apple Card packaging

Apple Card’s colorful packaging revealed ahead of launch — Cult of Mac — “The photos of Apple Card were published by leaker Benjamin Geskin, who claims that Apple employees are now getting their hands on testing units… To activate the Card, customers simply unlock their iPhone and then hold it against an NFC tag that’s hidden inside the packaging. This adds the Card to the Wallet app and lets you use it right away.”




What's New in Payments

Apple Pay goes live in Iceland

Apple Pay launches in Iceland with support from Arion Banki and Landsbankinn — AppleInsider — “The two banks announced support for Apple Pay on Wednesday via their official websites and Twitter. Available straight away, the added support now means customers that have accounts with either of the banks are able to add their card to the Wallet app, and use it to make contactless payments using Apple Pay for the iPhone and the Apple Watch.”



NFC World

Apple Pay boss reveals US merchants’ plans to use NFC tags for payments and loyalty sign-up

Powerpoint screen

Dairy Queen, Bonobos, Panera Bread, Yogurtland, Jimmy John’s Gourmet Sandwiches, Dave & Buster’s, Caribou Coffee plus Bird and PayByPhone are all working on projects that use Apple’s Core NFC tag reading capabilities to make it easier for consumers to sign up for their services, Apple Pay boss Jennifer Bailey has revealed... More




Standard Chartered adds instant credit card and loan issuance to its Singapore banking app

Credit card dipped in noodle pot

Standard Chartered has become the first bank in Singapore to offer customers the ability to use its mobile banking app to apply for loans and credit cards — and, if approved, have a digital version of their new credit card instantly provisioned to their Apple Pay, Google Pay or Samsung Pay digital wallet so they can make payments... More


NFC World

Marshall University lets students add campus cards to iPhone and Apple Watch

Marshall ID cards now available on iPhone and Apple Watch — Marshall University — “By simply placing their iPhone or Apple Watch near a reader where physical student IDs are accepted, users can enter residence halls and libraries, access dining plans, purchase food, buy items in the university bookstore or in vending machines, print documents and more.”



NFC World

Apple to open up the iPhone’s NFC chip at WWDC?

Apple may expand the iPhone’s NFC tech to third-party developers during WWDC — TechSpot — “NFC is getting major improvements, including the ability for third-party developers to read any ISO 7816, FeliCa or MiFare tags. Currently, only tags formatted as NDEF can be read by third-party apps… Keep in mind, the news is from anonymous sources and is far from official.”