But consumers have not started warming up to paying with their smartphone in numbers large enough to make a major impact, especially as more secure, chip-embedded credit cards are fast becoming the norm.
Now comes “facial recognition” as the next step in the mobile payments evolution. MasterCard is testing online purchases that can be approved with a quick shot of your face.
Banks give Apple a 0.15 percent cut of each credit-card transaction and half a cent for each debit card purchase when shoppers use Apple Pay. Not so for Android Pay.
Only a quarter of the top 100 retailers have signed up to support Apple Pay, and almost two-thirds said they definitely won’t be supporting it in 2015.
“We’ll use a virtual account number to represent your account information — providing you with an extra layer of security,” Google says.
Consumers can send and receive funds among friends and family, typically within seconds through providers, including card issuers, money transfer operators, merchants and other entities, MasterCard said.
The CFPB alleges that many consumers who were attempting to enroll in a regular PayPal account, or make an online purchase, were signed up for a credit product without realizing it.
The reports say thieves are stealing hundreds of dollars at a time from Starbucks customers’ credit cards, bank and PayPal accounts that are linked to the mobile app.
Best Buy was a big promoter of the not-yet-released CurrentC, a competing mobile payment service supported by Walmart, 7-Eleven, CVS drug stores and other big retailers.
But 70 percent of U.S. renters still pay by check, a statistic that is motivation enough to sprout an e-payments industry sector for landlords and tenants.