The momentum behind Apple Pay continues to build, with 750 banks and credit unions having already signed on and the service now being integrated into 200,000 vending machines, laundry machines and parking meters.
Banks and financial services
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As mobile screen sizes continue to proliferate and consumers conduct more financial activities on these devices, phablets are becoming popular for banking, with use expected to grow by more than 100 percent, according to a new report from Carlisle & Gallagher Consulting Group.
Chase recently said that its Windows mobile application will no longer be available by the end of March, but that customers using Windows smartphones can still access their accounts via their mobile browser.
Webster Bank is one of the first United States-based banks to leverage Apple’s Touch ID feature into its mobile banking application as it aims to drive user adoption with streamlined security features, proving that the appeal of fingerprint identification is growing.
While Apple Pay has quickly become the mobile payments platform to beat on iOS, the ongoing leadership void for Android users could be solved by Google’s reported interest in acquiring Softcard.
TD Bank is rolling out its first mobile application for tablets to reach a wider target audience of consumers looking to conduct online banking on personal devices.
A recent study conducted by Strategy Analytics revealed that payments made with near field communications-enabled mobile handsets are set to exceed $130 billion of consumer retail around the world by 2020.
Apple Pay continues to add more partners, including a number of new banks, which will drive perceived value for consumers and encourage more banks as well as retailers to jump on board.
U.S. Bank, working with mobile capture software company Mitek, predicts that banks and financial institutions will see beacon usage take off in 2015, helping deliver more personalized experiences.
Citibank is advancing its mobile banking strategy through mobile engagement platform SpyderLynk, which was selected as a winner for the Citi Mobile Challenge 2014 and was deemed the Most Innovative Solution for Small Business for its concept CitiWallet for Small Business.