Tag: smartphone payments

Will UK mobile payments become mainstream with Apple Pay?

| July 23, 2015

Many are predicting that the service from the tech giant is what the industry needs to take off.

Apple’s next step for its mobile payments service was in the United Kingdom, where it launched on July 14, and now many people are wondering the same thing that was asked in the United States when it began there: will this make the tech mainstream?

Analysts believe that Apple has the power and technology to take this type of service to mainstream levels.

The Apple mobile payments service is available for users of the iPhone 6 standard model and its Plus model, as well as for Apple Watch users. Currently, there are over 250,000 different locations throughout the United Kingdom that offer these contactless payments so that money can be paid through a card that is linked to the service, without ever having to take out the piece of plastic. Furthermore, the iPad Mini 3 and the iPad Air 2 have been equipped with the ability to use the service to make in-app purchases.

There are approximately 3 million devices in the U.K. that are compatible with this mobile payments service.

Mobile Payments - UK & Apple PayThat statistic was according to Kantar Worldpanel ComTech. Its figures also showed that in all of December, 2014, in the U.K., there had been 46.1 million contactless smartphone based payments made. The consumer insights director of that firm, Imran Choudhary, explained that “The market wasn’t making enough noise but now Apple is on board that will all change,” adding that “They are the ones to tie it all together and with all the eligible devices it is only a matter of time before everyone gets on board.”

That said, many similar types of predictions were also made when Apple Pay was first launched in the United States. That service stepped into a market where there were already some massive players – such as Google Wallet and even Softcard, which shut down at the end of March, despite the involvement of three massive telecoms.

Many have been turning to Apple to launch several types of markets, including mobile payments and wearable technology, but only time will tell whether or not the tech giant has the sway that is required to make such as large change in the shopping habits of the majority of the population.

Mobile wallet compatible reader unveiled by Square

| June 12, 2015

The company has now added the ability to accept smartphone transactions through its credit card reader.

Square, the startup company that first drew attention to itself when it created a credit card reader that small businesses and merchants could use in order to accept credit card transactions, has now announced that mobile wallet transactions are being added to its accepted payment methods.

Though the adoption of smartphone payments isn’t expected to take off for a long time, Square will be ready.

The industry feels that there will still be years that need to pass before the mobile wallet becomes a mainstream form of payments transaction. Even though some giants have already offered their own versions of the technology – including Apple, Google, and various credit card and banking leaders – they have yet to take with consumers in any widespread way. That said, some feel – as Square likely does – that by providing merchants with a simple and affordable tool to actually accept these mobile payments, it may boost the feeling of familiarity with these transactions.

In fact, some have speculated that the mobile wallet may catch on even faster if enough processors are put in place.

Square - Mobile WalletIt was in exactly this light that Square had unveiled its own updated credit card reader that could also accept mobile payments through the wallet apps of various companies, such as Android Pay and Apple Pay, among others.

Square has said that it expects the new version of its mobile payments reader to be broadly available by the fall of this year. It functions wirelessly for small businesses and sellers who want to be able to accept contactless transactions over a smartphone or tablet. That said, it also makes it possible for merchants to be able to accept EMV enabled credit cards, that is the type of plastic card that has an added security chip embedded into it.

The new mobile wallet payments reader will be sold for $49. That said, there will be around 250,000 small and medium sized businesses that will be receiving the readers for free as the company launches the devices and hopes to widen their use right from the start.