P2P applications like Venmo, PayPal and Square Cash allow users to send one another money from their mobile devices through a linked debit card. And it is catching on quickly, even by digital-age standards.
Available through the Walmart app, Walmart Pay works with any Apple iOS or Android device at any checkout lane.
Now Chase and a slew of other big U.S. banks want to create a single “QuickPay” of sorts to better compete with Venmo’s money-transfer app, which is growing incredibly fast in popularity.
Walmart will become the only retailer to offer its own mobile checkout service that works with any iOS (Apple) or Android device, at any checkout lane, and with any major credit, debit, pre-paid or Walmart gift card.
Apple, which is closing in on its one-year anniversary of Apple Pay, a mobile consumer-to-merchant system, wants to jump into the mobile person-to-person payment space, a spot now dominated by PayPal’s Venmo platform.
Chase Pay will be available in mid-2016 to Chase’s customers, covering 94 million credit, debit and pre-paid card accounts.
Most big credit card issuers don’t want to burden customers with memorizing yet another PIN, or are not willing or able to make that jump.
Google said Thursday that it has begun rolling out Android Pay, its version of a mobile payments system that the company says will be available at more than 1 million locations across the U.S.
“It’s an instant, safe, unique link that works on any device no matter where you’re talking to people – in a text, email, instant messenger, social media post, blog, or on the web.”
The survey found that by comparison, past US-based surveys assess Apple Pay use on the iPhone at 15 to 20 percent, suggesting that owning an Apple Watch increases the likelihood of you using Apple Pay.