Followers | 680 |
Posts | 141257 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Friday, September 25, 2020 4:05:31 PM
By: TheStreet | September 24, 2020
• Rules requiring the NFC chips within Apple devices to be opened up to third-party payments services could spur the launch of new tap-to-pay offerings.
PayPal (PYPL) and Square (SQ) could be among the winners as the EU’s antitrust regulator mulls rules that could end Apple Pay’s monopoly on iPhone tap-to-pay services.
Following reports to the effect, the European Commission says it’s thinking about enacting rules that would give payment services a right of access to “infrastructure” such as the NFC chips placed within smartphones. These chips enable tap-to-pay services such as Apple Pay and Google Pay (formerly known as Android Pay).
The announcement arrives three months after the EC said it’s probing Apple’s (AAPL) App Store and Apple Pay policies.
In the case of Apple Pay, the EC said in June that it was concerned about Apple Pay being the only tap-to-pay solution allowed on iOS and iPadOS devices. The agency also said it was probing alleged restrictions on access to Apple Pay by rival products running on Apple devices and (without expanding) how Apple’s terms and conditions for supporting Apple Pay on websites and apps “may distort competition and reduce choice and innovation.”
While Google (GOOG) allows third-party payment services such as Samsung Pay to use an Android device’s NFC chip, Apple has restricted such access on its platforms, citing security concerns. In a statement, the company insisted that “legislation that dictates a company’s technical approach to hardware and software security will ultimately put customers at risk and stifle innovation,” while adding that it will work with the EC to “help them understand the benefits of Apple Pay.”
Should the EC succeed in opening up access to the NFC chips on Apple devices, PayPal could respond by launching its own tap-to-pay payments service.
Currently, PayPal accounts are (along with credit and debit cards) supported as a payment option for Apple Pay, Google Pay and Samsung Pay. But with the company barred from offering such a service to iPhone users, PayPal has refrained from launching a PayPal-branded tap-to-pay service.
However, with COVID-19 driving greater interest in contactless transactions, PayPal has been working hard to integrate QR code payment solutions within the PayPal and Venmo mobile apps (Apple Pay, it should be noted, might get QR code support as well). And CEO Dan Schulman has indicated PayPal is also interested in launching its own tap-to-pay service.
“We also want to do a tap-and-pay [service] as well,” Schulman said during a recent JPMorgan conference talk. “Not only do we want to be embedded in all of the [third-party tap-to-pay services], whether that be Google Pay or Samsung Pay or even Apple Pay, but we want to have our own pay capabilities.”
Square, which has seen tremendous usage growth for its Cash App in recent months, could also conceivably launch a tap-to-pay service if it gains access to iPhone NFC chips. Square could both integrate the service with its Cash App and -- given that its card readers already support Apple Pay and Google Pay -- push a software update to its mobile point-of-sale (POS) apps that allows the many businesses that use Square’s POS platform to support a Square tap-to-pay service.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent SQ News
- Weekly Surge for Render and Toncoin, US Bancorp Expands Bitcoin ETF Investments, and More in Crypto • IH Market News • 05/10/2024 07:32:06 PM
- Block, Inc. Announces Upsize and Pricing of $2.0 Billion Offering of Senior Notes • Business Wire • 05/06/2024 11:46:00 PM
- Bitcoin Hits 1 Billion Transactions, Vodafone Turns Smartphones into Digital Wallets, and More Crypto News • IH Market News • 05/06/2024 06:13:29 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- Block, Inc. Announces $1.5 Billion Offering of Senior Notes • Business Wire • 05/06/2024 11:55:00 AM
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- Amgen, Bock Up; Cloudflare, Expedia Weak • IH Market News • 05/03/2024 01:12:08 PM
- Block Announces First Quarter 2024 Results • Business Wire • 05/02/2024 08:10:00 PM
- Block Innovates Bitcoin Mining, DOJ Proposes 3-Year Prison for Changpeng Zhao, and More Crypto News • IH Market News • 04/24/2024 05:50:55 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- Block to Announce First Quarter 2024 Results • Business Wire • 04/04/2024 09:23:00 PM
- Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News • IH Market News • 04/04/2024 11:30:20 AM
- Bitkey commence à expédier les premières unités de son dispositif matériel et ajoute des fonctions de sécurité et de récupération • Business Wire • 03/13/2024 10:10:00 PM
- Afterpay Expands to More In-Demand Categories with New Spring Merchants • Business Wire • 03/13/2024 01:00:00 PM
- Bitkey Starts Shipping First Units of Its Hardware Device, Adds Security and Recovery Features • Business Wire • 03/13/2024 12:27:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:04:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 10:31:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:11:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:08:05 PM
- Uniswap Skyrockets 55% with Incentive Proposal, Avalanche Confronts 4-Hour Shutdown, and More • IH Market News • 02/23/2024 06:26:18 PM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 12:06:53 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/22/2024 09:51:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/22/2024 09:42:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 09:11:06 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM