Payments

Daily Review: Apple Pay Nabs 90% of All Mobile Contactless Transactions Where Active

MEDICIGlobal Head of Content

Apple Pay has admittedly went through its fair share of bumpy roads and will encounter more as it rolls out around the world. Underestimation of the solution, and mobile contactless payments, in particular, have not been ungrounded. Nonetheless, numbers don't lie, Apple Pay has revealed impressive data indicating the potential of the solution, which is proven to be a favored payments method when made available.

Apple Pay now in 20 markets, nabs 90% of all mobile contactless transactions where active

Merchants and others who have partnered with Apple say that Apple Pay is accounting for 90% of all mobile contactless transactions globally in markets where it’s available.

“Apple Pay is the future of everyday spend,” said Jennifer Bailey, Apple’s VP of Apple Pay, on stage at the Money20/20 conference that kicked off in Las Vegas yesterday.

Bailey also announced that the service is launching in Denmark, Finland, Sweden, and the UAE in the next few days, bringing the total number of countries where it is used up to 20. And she said that 4,000 issuers worldwide now work with the wallet (that is, there are now 4,000 credit and debit card issuers whose cards can now be uploaded to and used via Apple Pay).

While these may not sound like massive numbers on their own, 20 markets represents a full 70% of the world’s card transaction volume, she noted. This underscores how Apple is approaching the rollout of its payment service: it is moving first to where the money is.

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Alternative lending as an industry has seen a 'market correction' with the Lending Club story. The largest players are moving onto the next phase – close partnerships and integration with institutional players, to bridge the gap between the consumers and innovation. With its move closer to Visa, OnDeck strategically employs a success strategy in FinTech – partner (or merge and acquire).

OnDeck Collaborates with Ingo Money and Visa to enable real-time Loan Funding to Small Businesses

OnDeck, the nation's largest online lender to small business, announced agreements with Ingo Money and Visa to enable real-time funding of loans to small businesses via their debit cards, powered by Visa Direct. OnDeck will be the first company in the online lending industry to offer real-time access to capital via a customer's existing small-business debit card.

Ingo Push, the turnkey push payments service from Ingo Money, allows OnDeck customers to receive funds via a vast network of eligible debit or prepaid card accounts, including eligible Visa cards; online and mobile wallets; and a network of more than 40,000 cash-out distribution points.

Ingo Money's "push-payments-in-a-box" solution provides the ability to send funds instantly to millions of cards with speed and reliability, built-in PCI-compliant payment interfaces, and bank sponsorship and security checks through one simple API integration. As part of the agreement with OnDeck, the Ingo Money platform will manage regulatory, network routing, risk management and reconciliation needs for the company.

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Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.