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Thread: Companies Scramble for a Mobile Payment Solution of Their Own Thanks to Apple Pay

  1. #1
    What's Jailbreak? Akshay Masand's Avatar
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    Default Companies Scramble for a Mobile Payment Solution of Their Own Thanks to Apple Pay

    Many are speculating that PayPal could be a major acquisition target for mobile companies looking to reach for people’s wallets given the strong initial success of Apple Pay combined with the news of eBay spinning off PayPal. As of right now, the launch of Apple Pay has sent competitors such as Google and Samsung scrambling to respond. Bankers feel that eBay, which is set to separate from PayPal sometime later this year, could make the payments service with 150 million users an attractive acquisition target.

    Just earlier this month, it was revealed that Google had apparently been in talks to acquire the Apple Pay competitor, Softcard. As a company, Softcard was a joint venture backed by US carriers, Verizon, AT&T and T-Mobile, offering support for payments through American Express, Chase, Wells Fargo and other large financial institutions. Google appears to be looking to get back in the game after its Google Wallet service fell flat with consumers and since Apple Pay seems to have taken off.

    Facebook is also rumored to be in the market for a potential mobile payment acquisition while Samsung is rumored to be in talks with the startup company, LoopPay. According to the Financial Times, a number of smaller companies such as Dwolla and Paydiant are also prime for acquisition.

    Many companies seem to be in the market for the mobile payment space as Apple recently touted the success of Apple Pay in its quarterly earnings conference call this week. Tim Cook even went as far as calling 2015 as “the year of Apple Pay,” stating that he expects continued growth for the new service as the year goes on.

    We’ll have to see how things pan out but given the current rate of adoption and the increasing demand for mobile payment services, it isn’t much of a surprise to see companies scrambling for a solution of their own.

    Source: Financial Times

    Twitter: @AkshayMasand

  2. #2
    I hope the other companies bomb. Having too many mobile payment systems is going to just be confusing to the end user. Could you imagine each Android maker having their own payment solution?

  3. #3
    I will say, Apple Pay has worked as expected. One of the few things I haven't seen a flaw in other than lack of credit card options, which really isn't apple's fault and should change in the future. Would also like to see all stores accept it.

  4. #4
    Quote Originally Posted by Scotty Manley Silberhorn View Post
    Would also like to see all stores accept it.
    I would say 3 to 5 years and you'll be hard pressed to find places that don't accept Apple pay. I think the slowest will be restaurants since it requires so much extra mobile equipment to be carried around for scanning. Other than that a lot of the places I shop at now already accept it.

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