Fee for Transactions: Banks Challenge Apple Pay
When the Apple Pay mobile wallet launched in 2014, big banks including JPMorgan, Capital One, and BOA we’re all in. They agreed to pay fees that would let their cardholders pay via their iPhones. Now some are pushing back, urging Visa to reduce the fees Apples charge for each transaction.
DCA Insight:
Bank pushback is no surprise, especially since costs have increased, and since Apple introduced its own, competing card in 2019. Banks pay Apple a fee when their cardholders use Apple Pay—even for recurring payments like gym memberships or subscriptions. This pushback isn’t a surprise, reflecting increasing tension between tech and finance behemoths.
PayPal and Pinterest Discontinue Talks
Last week PayPal announced it was in talks to buy social media platform Pinterest. One day later it was reported the payments giant’s stock price fell 5.9%. Shortly after, PayPal indicated it was not pursuing an acquisition of Pinterest due to shareholder objections.
DCA Insight:
The coming together of the two organizations made sense on paper: PayPal is known to have far-reaching financial aspirations and was looking to play a larger role earlier in the shoppers’ experience. Investors weren’t convinced that PayPal could make money off of the “pins” its 454 million monthly users make—activity that doesn’t necessarily translate to sales.
Entrust Acquires Card Issuance Firm Antelop
Secure payments and data protection company Entrust is acquiring French fintech company Antelop Solutions, according to PYMNTS.com. The coming together of the two organizations will simplify the process of banks adding digital credit and debit cards to their mobile wallets.
DCA Insight:
The pandemic continues to drive growth in demand for digital payments. Making digital card options secure and easy for cardholders makes good business sense. Look for continued expansion and additional partnerships as we usher in the next generation of mobile commerce.
Linked Card Rewards Reliable Tenants
A digital banking app with an associated debit card lets landlords reward tenants for paying rent on time, renewing their lease early or making a referral to another renter, the Wall Street Journal reports. Watson Living Inc. is among recent organizations to integrate financial technology within the real estate industry.
DCA Insight:
Taking advantage of opportunity to build financial services into the infrastructure between tenants and property owners is a smart play. Landlords increase lease renewals, on-time payments and resident engagement—and lease holders reap rewards. Payments innovation in this space—which includes enabling renters to build credit scores with on-time rent payments—is a move that benefits all involved.
EPISODE 84: Acting on Consumer Values – Connecting Community, Product & Brand
We Want to Hear From YOU!
Sam’s Club Joins Digital Commerce Alliance!
Sam’s Club is a leading membership warehouse club and a division of Walmart, the world’s largest retailer. Sam’s Club offers its members quality products at an exceptional value unmatched by traditional retail. The company serves millions of members at SamsClub.com and almost 600 locations across the U.S. and Puerto Rico. Sam’s Club wants its members to “expect something special” and provides a variety of member benefits such as free shipping on most items for its Plus members along with Cash Rewards, early shopping, savings on medication, as well as the benefits of their Club membership.
Recasher Joins Digital Commerce Alliance!
Recasher helps consumers save money and earn cash back every day. With a focus on small businesses, Recasher offers local SMEs a highly efficient self-service online marketing tool that is easy to implement and use. No additional hardware, no cash register integration and no employee training required. Recasher converts online offers into offline sales in local stores. In the RECASHER app, the user can filter, view and search for the various cashback offers and receives a push notification of the cashback earned upon payment.
CardLinx Forum November Webinar
GasBuddy: Staying Relevant: How a Legacy Digital Brand Evolved Through Payments & CLO
Wednesday, November 17th | 10am – 11am PST
Founded in 2000 and having launched its first app in 2010, GasBuddy quickly grew to one of the top 5 most used travel apps in North America. Now, the company leads as one of the nation’s top fuel savings platforms, providing North American drivers with the most ways to save money on gas.
Despite the app’s popularity, its monetization and user engagement opportunities were once limited as a basic utility. In this session, learn from General Manager Mark Coffey how GasBuddy created a payments and loyalty strategy over the past 4 years that transformed every aspect of the business – fueling the rise of a digital-first economy.
Speakers | Mark Coffey, General Manager – GasBuddy
CardLinx Forum (a division of DCA) hosts a live, interactive webinar each month featuring speakers from some of the world’s most influential companies. They share insights on important and relevant topics for your business—including the impact of Covid-19 on consumer credit behavior, mobile wallet adoption, card-linking and lending trends. The webinar is always free to members and non-members are invited to attend at $99 per registration. Members and non-members are encouraged to register now as space is limited!
