All articles tagged with #apple pay
Chase will become the new issuer of Apple Card within approximately 24 months, continuing to support the existing features and benefits, while Mastercard remains the payment network. The transition aims to enhance customer experience and support financial health, with over $20 billion in card balances expected to transfer to Chase.
T-Mobile is ending a workaround that allowed customers to get an AutoPay discount while paying with credit cards or Apple Pay by pre-paying their bills early. Starting October 24, using credit cards or Apple Pay for early payments will disqualify customers from the AutoPay discount, which was around $5 per month per line, due to higher processing fees. This change aligns T-Mobile with other carriers that restrict AutoPay discounts to bank or debit payments, removing a competitive advantage for some users.
Apple is offering a limited-time promotion for new Apple Card users to earn $75 in Daily Cash after spending $75 within the first 30 days, available until November 17th, providing an incentive to sign up sooner rather than later.
Apple is heavily promoting the upcoming F1 The Movie through Wallet notifications, offering a $10 discount via Apple Pay, which has sparked some criticism for its aggressive advertising approach reminiscent of past controversies like the U2 album giveaway.
The U.S. Consumer Financial Protection Bureau (CFPB) has ruled that digital payment services like Apple Pay, Cash App, and PayPal, which handle over 50 million transactions annually, will be subject to bank-like supervision. This move aims to enhance oversight on issues such as incorrect transactions, fraud, and data privacy. However, the rule will not cover crypto transactions, focusing only on those conducted in USD.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to expand its oversight to nonbank firms offering digital payment services, such as Apple Pay, Cash App, PayPal, and Zelle, that handle over 50 million transactions annually. This move aims to ensure these tech and fintech companies comply with the same laws as banks, focusing on consumer privacy, fraud prevention, and legal compliance. The rule, supported by the banking industry, will take effect 30 days after publication, impacting seven major nonbank firms.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule subjecting Apple Pay and other major digital wallet services to the same federal oversight as banks, effective 30 days after publication in the Federal Register. This regulation applies to platforms processing over 50 million annual transactions in U.S. dollars, allowing the CFPB to examine compliance with consumer financial laws, including privacy and fraud prevention. This move aligns with global trends to regulate big tech's financial services involvement.
Netflix is warning customers paying through Apple Pay to switch payment methods or face account closure, continuing its stance against Apple's payment service. This move reflects Netflix's previous refusal to accept new Apple Pay subscriptions and its reluctance to work with other streaming platforms. The streaming giant's decision may be influenced by Apple's emergence as a competitor in the streaming industry with Apple TV+, highlighting the intensifying competition in the streaming wars.
Apple Cash is reportedly set to introduce a "virtual card number" feature in the iOS 17.4 beta, allowing users to shop online where Apple Pay isn't accepted. This feature will provide a unique security code for each transaction and can be accessed through Safari's Autofill. Users can set up and manage the virtual card number separately from their Apple Pay transactions, potentially enabling Apple Cash to be used on sites that don't accept Apple Pay.
iPhone users running the upcoming iOS 17.4 will be able to generate virtual card numbers for spending Apple Cash when Apple Pay isn't available online. This feature will allow users to spend their Apple Cash balance at online stores where Apple Pay is not supported. The virtual card numbers will come with new security codes for each transaction, and users can access them through Safari AutoFill or the Wallet app. iOS 17.4 is expected to be released in March and will also include major App Store changes in the EU, Apple Podcasts transcripts, SharePlay for the HomePod, new emoji, and preparations for next-generation CarPlay.
The latest iOS 17.4 beta introduces a feature that allows iPhone users to generate a virtual card number for Apple Cash, enabling them to make payments even when Apple Pay is not available. This update removes a major limitation of Apple's payment service and provides a convenient alternative for users. The process to set up the virtual card number is simple, and it offers users more flexibility in using Apple Cash for transactions.
Three migrants from Venezuela were arrested in the Bronx for allegedly snatching phones from 62 women in a citywide crime spree, using the stolen phones to make purchases with Apple Pay. The suspects are expected to be charged with multiple robberies and grand larcenies, with more individuals being sought. This is the second prominent case involving migrants in NYC in recent weeks, following the arrest of asylum-seekers for assaulting police officers in Times Square.
PayPal's stock is on a three-day rise, up 12.1%, and set for its best three-day stretch in 14 months, despite facing a recent downgrade from Mizuho analyst Dan Dolev. Concerns about margins and competition from Apple Pay have been raised, but Chief Executive Alex Chriss aims to reassure investors with plans to unveil new innovations at an upcoming event.
Apple, Visa, and Mastercard are facing a proposed class action antitrust case over alleged excessive fees charged to merchants for accepting Apple Pay, with the lawsuit claiming that the companies have created a monopoly and engaged in anti-competitive behavior.
Apple, Visa, and Mastercard are facing an antitrust class action lawsuit alleging that they conspired to stifle competition for point-of-sale payment card services. The lawsuit claims that Apple struck unlawful agreements with Visa and Mastercard, receiving a portion of transaction fees for payments made using Apple Pay on their networks. This agreement removes the incentive for Apple to create its own payment network, potentially leading to higher fees for merchants. The lawsuit also highlights that Apple prohibits other companies from accessing the iPhone's NFC chip for contactless payments, making Apple Pay the only mobile wallet platform available on the iPhone.