Seamless Transactions: Apple's Tap to Pay Gains Momentum in Europe and US | 2023 #21
Connecting the dots in payments...
Connecting the dots in Payments...
Hi there, you fellow Payments Enthusiast!
I’d like to kick off this week’s newsletter with some ‘local news’, as Apple has revealed it’s introducing Tap to Pay for iPhones in the Netherlands.
Adyen and SumUp are the pioneering payment platforms offering Tap to Pay on iPhone to their Dutch business clients. Soon to follow are Klearly, myPOS, PAY., Rabobank, Revolut, Stripe, Viva Wallet, and Worldline.
To put the news into a broader, more global context, SumUp announced earlier this week that it's also rolling out Tap to Pay on iPhone for its customers in the UK . Apple had already launched Tap to Pay on the iPhone within the United Kingdom back in July of this year.
And earlier this week, JP Morgan also announced its move to enable Tap to Pay on the iPhone to its US merchant clients.
All of this highlights how Apple’s Tap to Pay payment feature is becoming more widely accessible.
Early 2022 Apple announced plans to introduce Tap to Pay on iPhones in the US.
Contactless payments using iPhones
Tap to Pay aims to enable merchants to accept in-person contactless payments with just a tap of their payment cards or mobile wallet on an iPhone used as card machine. Businesses have no need for additional terminals or hardware.
The payment system works not just with Apple Pay, but also with credit and debit cards, as well as payment services on other smartphones and devices .
While the launch of Tap to Pay will have little impact on the shopping experience of customers, as Apple explains the system “will provide businesses with a secure, private and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone.”?
Tap to Pay on iPhone is available to over 700,000 additional businesses across the United States, and Apple Stores in the U.S. have also rolled out the feature. The Netherlands is the fifth region to support Tap to Pay, following similar rollouts in, the U.K., Australia and Taiwan earlier in the year.
Now, let’s hear from you as the reader: do you reckon Tap to Pay on iPhone will shake up the classic POS business by revolutionising the checkout experience?
Feel free to share your ideas, vision and knowledge to keep improving this newsletter!
??Any other notable things happened in Payments?
?? Here's how a Payments Orchestration platform streamlines various connections for maximum efficiency and effectiveness , by Ali Ahmed
?? EchoPay and Token.io to bring A2A payments to wholesale merchants , by Finextra
I hope these quick bites have brought you up to speed again, and let’s keep a close eye on ‘Payments’ for the week to come..;-)
Cheerio and until the next,
Wouter & Marcel
Onwards to the other payments news!
REPORT
Pix, the real-time payments rail created by the Brazilian Central Bank, has gained notoriety for its impressive numbers, including over 148 million unique users and 8 billion transactions in the last three months alone.
Its systemic effects are also significant, including a 10% reduction in total cash circulation and increased financial inclusion.
Download the full report from Mariana Cunha e Melo and Jonas de Abreu here
?? NEWS HIGHLIGHT
HALA strengthens both its leadership and its growth potential with the appointment of company co-founder and CEO, Esam Alnahdi, as chairman.
For five years and counting, leading Saudi fintech platform, HALA, has been empowering freelancers and SMEs to start, run, and grow their businesses.
?? ARTICLE
Rule makers in New Jersey have passed a bill that limits the surcharge applied by merchants and passed on to consumers who want to pay with a card over cash.
New Jersey Governor Phil Murphy signed Assembly Bill 4284 into law, which prohibits New Jersey merchants from imposing a credit card surcharge that exceeds the payment processing cost, and requires merchants to clearly disclose the surcharge.
??INSIGHTS
Wood’s downgrade comes as Adyen shares have shed half their value over the past seven sessions, making for their worst seven-day period since they lost 11% in a June 2018 stretch, according to Dow Jones Market Data.
Klarna announced strong growth across Europe, with GMV up 14% YoY in Q2 - outpacing e-commerce, which grew by just 1% in the same period*. Since 2020, Klarna has launched in 11 European markets, most recently Romania and Czech Republic. Klarna has amassed 100 million European consumers and has partnered with over 470,000 merchants, with recent new multi-market deals including TIER, MandMDirect and Deichmann.
?? ANALYSIS
领英推荐
Here you have it:
The table below provides an overview of the Management Board of Adyen's remuneration in 2022 and 2021.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? PAYMENTS HIGHLIGHTS
?? Adyen co-CEO rules out buybacks after stock rout .
?? Wirecard’s byzantine fraud grips courts in Munich and Singapore .
?? Koverly unveils unique “Pay in 30” platform, eyes $70m in new loans .
?? Zip tipped to abandon US .
?? Airwallex combines with Yeeld to drive payments profitability .
?? Binance suspends crypto card in Latin America and the Middle East .
?? REGIONAL HIGHLIGHTS
UK ????
Checkout.com cuts ties with Binance, which is mulling legal action in response. Checkout.com had concerns over Binance’s issues it alleged the company has with anti-money laundering, sanctions and compliance controls .
Finastra has successfully secured a groundbreaking private loan package. The intention behind this impressive capital injection is to refinance Finastra’s existing debt .
EUROPE ????
CityPay.io has raised a Seed funding round of more than €2 million, which includes $500k investment in cryptocurrency . Funding will help escalate the expansion into CIS region and other markets , as well as see the development of a B2C platform.
KKR’s announced plans to hand over its stake in German PSP Unzer to creditors.
Over 300,000 N26 customers in the Netherlands can now use iDEAL to make online payments directly from their N26 accounts .
USA ????
Sezzle is working to resolve issues Nasdaq has regarding the company's stock after trading halted two hours after its debut in the U.S. stock market.
Velo Payments has announced the acquisition of the payment processing platform YapStone in order to offer its customers improved payment methods .
Standard AI has tapped into Google Cloud’s AI capabilities to speed up the checkout process in retail stores .
Adyen, Braintree and Stripe face off. The processing giants are battling for market share in the U.S ., with some cutting prices in their fight to win over merchants.
ClassWallet draws $95M in funding. The funding will support the company’s ongoing growth in enabling government agencies, particularly those in education , to digitally manage their finances.
CANADA
IFX Payments announces the successful acquisition of its Canadian Foreign Money Services Business (FMSB) licence .
LATAM
Bitso announced that it is expanding its offer of business solutions with the launch of International Payments, its new suite of products for that market .
Binance launched Binance Pay in Brazil, enabling local merchants to offer a new alternative for payment that may attract new customers, increase processing speed, and reduce costs .
ASIA
Paytm is now eying to disrupt the digital lending space. While the company has been focussing on small credit for some time now, it wants to lead the credit revolution with this offering.
Paytm introduced the innovative sound box, a pocket-sized speaker designed to instantly validate and announce successful payments to merchants .
The Monetary Authority of Singapore (MAS) has acknowledged that some businesses and customers may have difficulties and challenges in moving away from cheque usage .
Currencycloud and MOIN join forces to make cross-border payments faster , cheaper, and more secure.
AUSTRALIA ????
Klarna has revamped the board of its Australian operation for the second time in less than a year.
MIDDLE EAST
Mastercard has strengthened its presence in the UAE by signing a new deal with fintech Qashio to introduce corporate credit cards and expanded issuance capabilities for customers in the country.
Mastercard and Checkout.com partner to enable instant wallet top-ups for Careem Pay.
AFRICA
Flutterwave is pressing ahead with plans for an initial public offering after making headway in resolving allegations of financial impropriety in Kenya so that it can access more and bigger international partners , its chief executive officer said.
NALA launches payments from UK and EU to Nigeria . This is a significant move for NALA given their strong roots in East Africa.
MOVERS AND SHAKERS
MercadoLibre’s Pedro Arnt joins DLocal as new co-CEO ahead of European expansion .