LTP Weekly Recap: March 9th, 2015 - March 12th, 2015

At LTP, we understand that your weekdays may be too busy with work and travel to be able to check up on your favorite source for digital commerce and payments news every day. That’s why, beginning this week, we’ve decided to fill you in on the key happenings that you might have missed this past week. Below are some of the more significant topics. Be sure to check out the full articles too!

Apple Watch Will Theoretically Add 125 Million+ Apple Pay Users

With the introduction of Apple Watch, Apple Pay has gained an opportunity to extend its usability past that of the iPhone 6. When paired with Apple Watch, iPhone 5/5s/5c users will be able to utilize the NFC capabilities of Apple Watch to make payments using Apple Pay.

This will allow an estimated 125 million+ users to use Apple Pay. Once linked, all a user has to do is unlock the watch, through either a password or the iPhone TouchID, and double tap the side button to enable payments. Apple Pay is currently supported by 90 banks, and can be used to make payments within 88 apps, and at 47 in-store merchants.

For an in depth analysis on the potential increase of Apple Pay users, check out the full article here:

Citigroup is Seeking FinTech Innovation Via the Citi Mobile Challenge

Citigroup’s Citi Mobile Challenge is a global program that aims to accelerate digital banking innovation by bringing together the most talented developers and designers to create cutting-edge financial technology solutions. Participants will be able to choose between two categories: Consumer Solutions and Business Solutions. All participants will be given access to Citi’s digital banking APIs. Finalists will have their projects funded for development by Citibank, and will also receive a share of the $100,000 in cash rewards.

Citi has hosted this competition in the past, and plans to extend it to new locations. Take a look at the results of the past competitions here:

New Insights on Apple Pay Emerge After Spring Forward Event

Since its launch, Apple Pay has become available at over 700,000 locations. Apple Pay has formed partnerships with entities such as the Federal Government, USA Technologies, and the Marriott Group. In our report on Apple Pay’s reach last december, we revealed that Apple Pay payments were available at 31 banks, 25 apps, and 15 merchants. Only a few months after, these numbers have witnessed a vast increase. Apple Pay is now partnered with 90 banks, 58 apps, and 47 merchants. This number is likely to increase as a result of Apple Watch creating 125 million new potential users.

For more insights on Apple Pay’s Spring Forward Event check out the full article:

Square Acquires Kili to Keep Up the Pace in The Competitive Mobile Payments Acceptance Market

Square recently acquired Kili, a company that develops silicon, electronics, and software solutions, in an effort to simplify future payment processing endeavors. Kili is known for its low cost solution-on-the-chip software for accepting contactless payments. The primary reason for this acquisition may be to meet the increasing popularity of NFC payments, as Square’s current products focus on mag stripe and EMV payments. Last year, Square had released a combined EMV+Mag Strip reader. Expect to see a model with NFC integrated in the near future.

For more information on this recent merger, check out the full article: