Gateway Bank’s Post

The end of a monopoly is here... 10 years since launching Apple Pay, Apple is finally opening up its NFC chip to third-party digital wallets Last month, Apple announced that developers in the US, UK, Brazil, Canada, Japan, Australia and New Zealand will soon be able to offer NFC transactions through their own third-party apps In the EU, Apple already enabled this feature from iOS 17.4 onwards To access the NFC chip, developers will need to enter into a new commercial agreement with Apple and pay the associated fees (which are currently unknown) Since 2014, according to the US DOJ, Apple Pay has charged card issuers 0.15 percent for credit card transactions and one half penny ($0.005) for debit card transactions In 2022, Apple is thought to have generated more than $1.9 billion in revenue from Apple Pay transaction fees https://lnkd.in/eQPWhxSs

🍏💳 Discover the Power of Apple Pay! 💥💰 Unlock the advantages of embracing mobile payment technology and elevate your business to new heights. Check out our latest blog post exploring the benefits of accepting Apple Pay: https://bit.ly/3TDzD55 #ApplePay #MobilePayments #ContactlessPayments

Its amazing how many businesses still don't have this and Google pay enabled! If you are one of them, reach out for a quick call and let me support you with this. #applepay #googlepay #trustpayments

Apple Pay and Wallet outage affecting some users to experience issues with Apple Pay web payments and in-app payments using Apple Pay, the outage began at 5:04 a.m. Eastern Time, and it is ongoing, according to Apple's System Status page. #9to5mac #Apple #applenews #ApplePay #ApplePayoutage #appletodaynews #appleinsider #iPhone15Promax #macrumors

💬 "As of now, competing wallets will be able to offer the same “tap and go” experience on iPhones that was so far reserved for Apple Pay. Consumers will benefit from more choices and new opportunities for innovation, while continuing to enjoy iPhone features and uncompromised security" ✔ The European Commission has accepted Apple’s commitments to allow rival mobile wallets to use the “tap and go” technology on iPhones for payments in shops. Listen to DG Competition Deputy Head of Unit for Antitrust Payments Systems René Plank explain all about it in this video 👇 https://lnkd.in/eh7xW3ik #EUCompetition #EUAntitrust #Apple #iPhone

🚀 Exciting developments from #WWDC24! Here are three key takeaways on Apple's latest innovation in the P2P payments space, Apple Tap to Cash: 1. Innovative NFC-Based P2P Payments: Apple introduces Tap to Cash, allowing users to make P2P payments by simply bringing their phones together. This new feature ensures quick, private transactions without needing to share phone numbers or email addresses. 💳📱 2. US-Exclusive Launch: Currently, Apple Tap to Cash is available only in the US for users with Apple Cash, adding a new layer of convenience within the Apple Pay wallet ecosystem. 🇺🇸 3. Potential Market Impact: While similar products exist, Apple’s high-profile adoption of NFC for P2P payments might drive wider industry adoption. However, its physical interaction requirement and limited geographic availability could pose challenges to user adoption and market expansion. 🌍🔄 #Apple #WWDC24 #TapToCash #FinTech #P2Ppayments #NFC #AppleCash #Innovation To know more about the competitive landscape, visit: https://lnkd.in/euJ4Tcss

In case you missed our newest Apple Cash feature to be available in iOS18 - Tap to Cash! Tap to Cash makes in-person payments quick and easy without having to share phone numbers or email addresses. Securely authenticate with Face ID, Touch ID, or passcode, then bring your devices together to send Apple Cash. If you want to be a part of our team and build world class experiences like Tap to Cash, check out the first comment!

Rise of a cashless society… Tap to Cash 💵 ⇒ 💳   As we move further into a cashless society, we are becoming more familiar with digital payment methods. Tap to Pay, which allows us to tap our phones on traditional payment devices to pay for goods, is now widely recognized. Now, we are getting used to tapping a card or mobile phone on another mobile phone to complete transactions, transferring money digitally rather than using physical cash.   Enters Apple's new feature: "Tap to Cash".   While the name might suggest tapping your phone to receive physical cash, it actually just gives Apple Cash customers (Limited to the US currently) the ability to pay for things by tapping together a pair of iPhones with the highlighted use case being paying friends for a meal.     So, what does this mean for SoftPOS?   More tapping use cases means more people becoming more comfortable using their personal devices to both pay and receive payments.   Halo Dot is Tapping into the future are you ready to join us?

In my books, Apple only had one truly meaningful announcement: Apple's Tap to Pay. It was announced with the iOS 18 AI enhancements. iPhone users can send and receive Apple Cash with a simple tap. No need to exchange any personal details—simply bring your iPhones together and the magic happens. 😳✨ What stands out is that it's not just about transferring money to friends to split dinner, it can turn your iOS device into a place where you can receive payments for your business. Say goodbye to hardware solutions like Square and SumUp that let you take credit card payments. Now you can do this on your phone. Apple just upgraded 1.5B devices turning them into payment terminals. 👏😎 By integrating Apple Cash with Open Banking or advanced L2 protocols like The Lightning Network, Apple just opened the door for a next generation financial experience.🚀 What I described above is just the beginning because developers will be able to integrate this into next generation applications. I wasn't that impressed with Apple Intelligence, it felt late to the game. What do you think? Am I overestimating the importance of this announcement?

#Antitrust The European Commission DG for Competition announced earlier (link to the press note in the comments) today that it accepted Apple's commitments to open its "tap and go" (you know, that little thing that allows you to pay wireless with Apple Pay) technology to other providers. Surely, it is a win for the Commission, but is this a win for consumers? In the short term, it is a win for some consumers and a win for Apple competitors that will gain access to its "near field communication" (NFC) functionality. In the long term, however, this hinders incentives to invest in creating/improving new services or functionalities. Apple worked on this for several years with several banks. More importantly, were consumers harmed in any way by Apple's policy to keep "tap and go" closed to some rivals? Remember that you can use Apple Pay with several credit cards. And what Google Pay? What about competing mobile wallets that rely on QR code? What about good old plastic credit cards? Are not those reasonable substitutes? What do you think?