Apple faces pushback from iPhone users over Apple Pay ‘pestering’

iPhone users are pestered to enroll in Apple Pay — Wall Street Journal — “Apple Inc is nagging iPhone users to enroll in its mobile payment service with a persistent red-circle badge. The strategy has worked with some, but is irritating others who say it is heavy-handed and exploits the tech giant’s clout in ways that could disadvantage rivals… Users who opt not to input credit card information for Apple Pay when setting up their phones now constantly see the red circle over their settings icon.”


Boston Fed: One in four US financial institutions now offer a mobile payments service

Survey: Retail mobile banking nearing universal adoption, mobile payment offerings accelerate — Federal Reserve Bank of Boston — “Implementation of mobile payment services is accelerating as financial institutions respond to competitive pressure and the industry momentum for mobile payments: In addition to the 24% already offering mobile payments, 40% plan to do so within two years. Additionally, more than two-thirds of respondents partner or plan to partner with third-party processors and more than half are considering a partnership with a near-field communication (NFC) wallet provider.”


Norwegian banks to form joint venture in bid to combat threat of global tech giants

Norwegian banks to combine payment units Vipps, BankAxept, BankID — Reuters — “Norwegian banks agree to combine payment units Vipps, BankAxept and BankID Norge to improve product offering and prepare for competition against global tech firms… DNB CEO Rune Bjerke said: “We have two choices. Either let the existing payments infrastructure wither away, or join forces and push forward.”


Danish consumer council raises Apple Pay competition concerns

Apple Pay accused of unfair competition in Denmark — The Copenhagen Post — “The Forbrugerrådet Tænk consumer council is not sure that Apple Pay is operating in compliance with Danish law, and it has asked the Concurrence og Forbrugerstyrelsen competition and consumer agency to investigate… ‘We have reported Apple Pay because we believe this new payment app is in violation of our competition law and the EU rules governing this area,’ Forbrugerrådet Tænk chairperson Anja Philip told DR Nyheder.”


US to open up banking market to non-banks?

US regulator says time to review mixing banking with other businesses — Reuters — “US regulations that bar companies such as Wal-Mart Stores Inc from providing banking services need to be reviewed as they reduce competition thereby concentrating more risk among a smaller number of banks, a US banking regulator said… Noreika on Wednesday said that allowing non-financial companies to run banks could strengthen the banking system by boosting competition and increasing diversity. The OCC is exploring providing a charter specifically for financial technology providers such as payment processor Square Inc.”



Barclays CEO: Payments is the battleground of finance

Barclays CEO says bank must protect payments business from Apple, Amazon — Bloomberg — “Barclays Plc will need to defend its advantages in the payments business from encroachment by technology companies including Amazon.com Inc and Apple Inc, according to chief executive officer Jes Staley. ‘There are some tectonic shifts going on, driven by tech and the geopolitical environment… All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.’”


EU regulators raid banks over fintech access concerns

Antitrust: Commission confirms unannounced inspections concerning access to bank account information by competing services — European Commission — “The European Commission can confirm that on 3 October 2017 its officials carried out unannounced inspections in a few Member States concerning online access to bank account information by competing service providers… These alleged anti-competitive practices are aimed at excluding non-bank owned providers of financial services by preventing them from gaining access to bank customers’ account data, despite the fact that the respective customers have given their consent to such access.”



ACCC to question Apple on Westpac chat app payments ban

ACCC to question Apple on Westpac chat app payments ban — Australian Financial Review — “Technology giant Apple’s controversial decision to order Westpac Banking Corporation to disable a mobile banking feature that let customers make payments in chat apps such as WhatsApp and Facebook Messenger has caught the attention of Australia’s competition watchdog, amid concerns it could be attempting to remove rivals to its own upcoming service.”








ANZ accused over Apple Pay support

Australian bank ANZ is being accused of “pulling a fast one” after walking away from a collaborative effort with its big four rivals to seek stronger negotiating powers over third party mobile wallets and announcing its support for Apple Pay... More




European spend on payments technology to rise

Nearly three quarters of European retailers and financial institutions (71%) plan to increase their spending on payments technology in the next 18 to 24 months due to increasing competition and a feeling of being “under siege”, research from ACI Worldwide and Ovum shows... More


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