A growing number of millennials believes that giants in the technology industry, such as Google and Apple, will one day overthrow traditional financial institutions’ stronghold on mobile banking thanks to their innovative approaches, according to a Fintonic report.
Banks and financial services
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Western Union is bringing global money transfers to the forefront by enabling WeChat application users in the United States to distribute funds to 200 countries and territories via the messaging service.
BBVA Compass is leveraging interactive application notifications to enable instant rewards for credit card customers using its mobile wallet, which has more than 1 million downloads.
With no one company currently dominating person-to-person payments on mobile, Apple is reportedly hoping to extract the significant value that exists in this area for the right player.
As Visa continues to evangelize its mobile payment platform, Visa Checkout, the brand has seen strong support from connected moms, who can quickly take an offer viral.
American Express and rental marketplace Airbnb have joined forces for a technology integration that allows card holders to use rewards points to book accommodations and pay directly on Airbnb via Amex Express checkout.
Choice is the big news in mobile payments this week, with several announcements pointing to a future where consumers can choose which authentication method to use as well as whether to complete a purchase via their bank’s mobile wallet, Apple Pay or an Android wallet.
American Express is foraying into Canada and Australia with Apple Pay this year, and bringing the solution to more large markets in 2016, a reflection of the mobile payments boom with developers and financial services.
Chase plans to bring its newly introduced Chase Pay mobile payments solution to gas stations and convenience stores in an attempt to corner a sector known for the kind of everyday purchases that fit well with mobile.
Chase’s dedication to competing with current mobile payments developers, such as Apple and Samsung, could potentially offer it front-runner status as its substantial customer base strays away from the pigeonhole caused by software developers.