As of Tuesday, Apple added 24 banks and credit unions that now support Apple Pay.
The new batch brings the total closer to 250, the new institutions being included as follows:
Bellwether Community Credit Union
Benchmark Federal Credit Union
Blackhawk Community Credit Union
You can’t knock a US$13.6 billion quarterly profit.
Over the course of the second quarter, Apple cleared a US$14.6 billion profit from US$58 billion in revenue, beating analyst expectations as well as its own in the process. The revenues were up from US$45.6 billion in the second quarter of 2014.
Apple recently announced that more than a dozen new banks and credit unions have added support for Apple Pay, adding to the 98+ banks and institutions that have come on board with the payment plan.
The new banks and institutions are as follows:
Affinity Plus Federal Credit Union
American Airlines Credit Union
Bank of Hawaii
Baxter Credit Union
If nothing else, the iPhone industry is profitable for Apple.
The latest numbers from Strategy Analytics reveal that Apple continued to dominate in global smartphone profit during the fourth quarter of 2014, capturing a record-high 88.7 percent share of profit during the three-month period ending December. Apple earned quarterly operating profit of US$18.8 billion on iPhone sales, up from US$11.4 billion during the fourth quarter of 2013.
“Global smartphone operating profit grew 31 percent annually from US$16.2 billion in Q4 2013 to US$21.2 billion in Q4 2014. Android hardware vendors combined took a record-low 11 percent global smartphone profit share, down from 29 percent one year ago. In contrast, Apple iOS captured a record-high 89 percent profit share, up from 71 percent in Q4 2013.”
It never hurts to have the infrastructure in place.
Visa Europe has announced that its European contactless payment terminals will support the tokenization service used by Apple Pay by mid-April. This would allow Apple to introduce Apple Pay to Europe anytime from this point on.
Tokenisation technology will be at the heart of new mobile payment solutions and has been hailed as one of the best data protection and fraud prevention methods available. The new service will be available for European financial institutions from mid-April 2015.
Although Europe has had contactless payment cards for several years, these currently transmit the actual card details to the terminal. Apple Pay, in contrast, transmits single-use codes which card companies can map back to the actual card, a functionality currently only available in the USA. As of mid-April, that functionality will be available in Europe too–at least for Visa cards…
It never hurts to be part of the payment infrastructure.
Only two months after rumors surfaced that Samsung was considering becoming an Apple Pay competitor, the South Korean conglomerate has reportedly acquired mobile payments startup LoopPay to bolster its efforts.
Samsung began talks with LoopPay in December to integrate the latter’s magnetic payment technology into next-generation Galaxy devices. That partnership has apparently turned into an acquisition, as noted by Re/code and the Wall Street Journal.
Apple may have a few roadblocks before it can get Apple Pay into the Chinese marketplace.
As introduction efforts proceed, China’s central bank, UnionPay bank-card service and e-commerce giant Alibaba Group Holding Ltd. are standing up to Apple’s effort to bring the Apple Pay no-card-no-cash payment system to iPhone users in China.
At the same time, Apple has not yet “acknowledged regulators,” and as a result, “it’s unclear whether the product meets the government’s requirements” for a commercial operation.
Apple is also struggling with its relationship with UnionPay, China’s state-owned credit- and debit-card system operator. Sources close to the companies said that talks aimed at an agreement that would open China to Apple Pay have stalled.
This is sort of cool.
While assorted vendors are lining up and adding support for Apple Pay, JetBlue Airways has announced that it has become the first airline to use Apple Pay to purchase things in-flight starting next week.
Starting next week, passengers on select JetBlue Airways flights can use Apple Pay on their iPhone 6 and 6 Plus handsets to buy food, drinks and certain onboard amenities when the plane reaches cruising altitude. You’ll be able to upgrade to available premium seats via Apple Pay as well.