payments

Venmo today introduced a new in-app payment option called ‘Pay with Venmo’ for both users and businesses alike. The feature allows vendors to directly integrate Venmo’s payment platform into their checkout process. And user’s can now simply select the Venmo option when checking out in supported apps, and no longer need to type in any credit card information.

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Apple Pay is going international starting with the United Kingdom next month. The precise nature of how Apple Pay will work in the UK has been murky, with banks saying different things. Apple has now posted a FAQ to explain the situation.

Apple Pay will work with any current contactless reader. By default, it uses the same technology as other UK contactless cards. This means that performing an Apple Pay purchase will not require a PIN (as is standard with UK Chip and PIN payments). However, the usual £20 limit on contactless transactions does apply … for the time being. When Apple Pay launches in July, almost all merchants will only allow Apple Pay purchases up to £20 …

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Last month, Apple added 10 new retailers to its Apple Pay website, which brought the total to 68 merchants and more than 700,000 payment terminals. Now, it appears that popular grocery chain Trader Joe’s is preparing to accept Apple Pay in its more than 400 retail locations.

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Research shared by Phoenix Marketing International offers new data for Apple Pay‘s adoption and performance since it launched in the United States in October last year. The survey polled just over 3,000 credit cardholders to conclude that “11% of all credit card-owning households” and two out of three iPhone 6 users have used Apple Pay. Aside from a high adoption rate for the mobile payment service, the survey also highlights that almost half of those Apple Pay users have used the service just one time.
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Last month Apple rolled out support for dozens of banks and credit unions with Apple Pay bringing the count to more than 45 institutions, and today Apple is out with the first wave of the month adding more than a dozen new banks to its list of supported Apple Pay banks bringing the total count to over 60 institutions. Here are the new banks listed as supporting Apple Pay as of today:
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Ad Age reports that Chase is running its first TV ad for Apple Pay, focusing on use in small businesses, and featuring Fun lead guitarist Jack Antonoff’s side indie band Bleachers.

The ad, out of creative agency Saatchi & Saatchi, features members of indie pop band Bleachers roaming Los Angeles in the hours leading up to a performance. The musicians make purchases along the way using their Chase Freedom credits cards — but through Apple Pay on their iPhones, not the physical cards.

Chase said that Apple was heavily involved with the ad … 
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Earlier this week, retailers CVS and Rite Aid blocked NFC payments at their stores following the launch of Apple Pay because of their existing commitment to MCX’s CurrentC platform. Nevertheless, MCX CEO Dekkers Davidson assures that merchants accepting both CurrentC and Apple Pay “could be entirely possible” in the future.

The blockade has ignited somewhat of a controversy between Apple Pay and MCX, only worsened by the fact that it was confirmed that CurrentC suffered a security breach earlier this morning. MCX, or Merchant Customer Exchange, consists of a number of high-profile retailers that grouped together to work on their own CurrentC contactless payments platform.
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A couple of reports yesterday and today have highlighted a little tidbit of information many have been wondering about the upcoming Apple Watch: How will the device make sure payments via Apple Pay are secure? Both the iPhone 6 and iPhone 6 Plus have the convenient Touch ID sensor to validate that your purchases are indeed being done by you, but new information suggests that the Apple Watch is going to accomplish this security in a slightly different way…

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Financial site Bank Innovation reports that Apple has negotiated lower transaction fees with American Express, Bank of America, Capital One, Citigroup, and JP Morgan Chase ahead of the debut of its mobile payment system expected to be announced alongside the new iPhone models next week. The report notes that the banks were likely willing to lower rates to ensure participation and due to Apple’s security measures including the iPhone’s Touch ID sensor.

The first thing Apple has done is convince these four FIs to consider transactions from Apple’s upcoming payments venture — said to launch with its forthcoming iPhone 6 introduction — as “card present” transactions, which carry a lower discount rate than “card not present” transactions, because of lower fraud risk.

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In Brixton, South West London, hundreds of businesses will soon integrate iBeacons as part of one of the first real-world networks for mobile payments using Apple’s Bluetooth LE iBeacon tech. 

In Brixton, businesses introduced a local currency in 2009 that eventually switched from paper into mobile payments by text. Around 250 businesses in the area accept the currency, which is meant to keep the money in the community and support smaller independent local businesses. By the starting of next month, the currency will have its own mobile app called Brixton Pound, and iBeacons will make it easy to automatically prompt users for payments. The Brixton Pound organization teamed up with Dingo for the payment solution and kontakt.io for the iBeacon hardware and integration:
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Apple is in the process of updating the iPod touch units used by Apple Store employees as a mobile point-of-sale system to the iPhone 5s, according to sources familiar with the roll out. 

Apple first started using its iPod touch as an “EasyPay” system for employees in its retail stores back in 2009 and currently uses 4th gen iPod touch or previous models for staff. It uses a point-of-sale attachment for the iPod touch that adds a magnetic stripe reader, barcode scanning functionality, and more. It’s not clear the exact motivation behind Apple’s move to the iPhone after long using the iPod touch, but the device does provide a few advantages. 
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iOS users looking to accept payments on their mobile devices now have another option. Flint has just been updated to version 2.0. The app adds several new and useful features for small businesses, such as the ability to create invoices right in the app.

The app also introduces support for Passbook coupons. Merchants can create their own coupons and issue them to customers as Passbook passes. The Flint app can then scan these coupons and apply them directly to a transaction.

The 2.0 update also allows merchants to create orders with multiple items, and scan credit and debit cards using the camera on their iOS device. Cash and check sales can also be tracked within the new app and customers can get receipts for their transactions.

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Apple today posted a job listing on its website looking for a Payments Software Engineer that will “help build a next generation payment platform.” Apple says the payment system will consist of integration of payment devices, middleware and acquirers that will “push the boundaries in new markets for Apple Retail.”
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