Mobile payment transactions and point-of-sale applications have been on the horizon for the past few years and are gaining even more traction lately, as several major companies hop onboard. For example, Apple Pay just entered the mobile payment market this fall, joining the ranks of others such as PayPal and Square. But are the benefits of mobile payment worth the challenges? This week, we take a look at a rising trend in the personal and corporate purchasing experience.
Death of the Wallet? – Mashable
In the second quarter of 2014, purchases made using a smartphone or tablet rose 48% from Q2 of 2013, to an estimated eight billion dollars – three times the amount of growth in desktop eCommerce over the same time period. This article presents an overview of key players in the mobile and contactless payment market and takes a look at adoption trends.
Apple Pay is Double Charging Some Customers – CNN Money
In a system snafu following Apple Pay’s launch, some users with Bank of America checking accounts are being charged twice for each Apple Pay transaction. In the interest of security, however, Apple Pay does not keep records of names or transaction amounts, causing headaches and raising new questions in the mobile payment arena.
Square Raises $150 Million at a $6 Billion Valuation – The New York Times
As large companies, such as Amazon and Apple, roll out their own mobile and online payment systems, small eCommerce start-up Square recently closed a round of financing. Now valued at $6 billion, Square is preparing itself to compete with larger, better-financed companies.
Dan Loeb: Apple Pay is Actually Great News for PayPal – Business Insider
Although Apple Pay is currently getting most of the mobile payment news coverage, hedge fund manager, Dan Loeb, places PayPal in a good position to see profit growth in the near future. Loeb speaks to PayPal’s competitive advantages and explains why he believes PayPal will succeed, despite the rise of other mobile payment options.