April 24, 2015
Apple launched the app store for its amazing new product category, the Apple Watch, yesterday. It features 3000 apps currently, and financial institutions don't want to be left behind. So what are some of the payments and commerce apps?
Citi Bank: The Citi Mobile Lite App to be launched for Apple Watch will enable Citi customers of U.S. debit and credit cards to view account balances and recent transactions, and receive real-time notifications of credit card transactions with a simple glance at their wrist.
CIBC and Scotia: Two major Canadian banks, Canadian Imperial Bank of Commerce and Bank of Nova Scotia will be launching their banking apps for Apple Watch. This will enable users to check their account balances and make payments instantly.
Lydia: This French startup enables customers to pay for transactions using Apple Watch. For offline payments, customers can open the Lydia app on their watch and enter the amount, then show the QR code that appears on the watch to make payments.
Westpac: Westpac is an Australian banking app launched for Apple Watch. It allows users to check the account balance, to find the nearest ATM or branch, and also provides a Get Cash code. Get Cash allows customers to withdraw cash from a Westpac ATM without a card.
Wallaby: Wallaby Financials, provider of mobile and web-based credit card optimization products, has launched Wallaby app for Apple Watch. This App will enable Apple Watch users to optimize credit card rewards for each purchase with a tap of the wrist.
PayByPhone app: PayByPhone allows drivers to pay for parking using the Apple Watch. It uses the Glances feature on the Apple Watch to display the remaining parking time and also allows for instant extension of time directly from the phone.
Apple Pay: Apple Pay for Apple Watch allows users to simply tap the Apple Watch on a merchant's POS terminal to make payments without any pin or signature verification required. Apple Watch uses NFC radio technology to process payments with the merchant's POS terminal. When a consumer taps his or her Apple Watch to the terminal it transmits encrypted payment data and tokens to the POS terminal, and the retailer receives an authorization from the bank within seconds.
Mint: Mint, that helps more than 20 million registered users better understand and manage their money is now available on the Apple Watch. The app also helps in reviewing day-to-day spending at a glance and then suggests what’s available for fun, or discretionary spending.
Target: Target is the first retailer to update its iOS app with official support for Apple Watch. The Target app will let users build a shopping list on Apple Watch and includes a Glance View to see when the store is open.