“Apple Pay now counts for two of every three dollars spent via contactless payments on the US’s three largest card networks, chief executive Tim Cook said this week. The group says it is working with card companies that collectively account for about 90 per cent of card purchasing volume in the US,” Sarah Mishkin and James Fontanella-Khan report for The Financial Times.

“If Apple Pay becomes more popular, industry executives say Apple could exact higher fees from card companies and banks,” Mishkin and Fontanella-Khan report. “Google and PayPal are now racing to catch up. Google is expected to return to the market with a product more widely accepted at retailers than its original Google Wallet, which fell flat with consumers. ‘Folks know that mobile payments is where the world is going, they don’t want to be left behind,’ says Rick Diamond, head of technology services investment banking at JPMorgan.”

MacDailyNews Take: As with personal computers, portable media players, online music sales, smartphones, tablets, etc., “folks” know where it’s going because Apple has, as usual, shown them the way. They had no earthly clue prior.

“The launch of Apple Pay is seen as a catalyst for the broader adoption of mobile payments,” Mishkin and Fontanella-Khan report, “which analysts say have the potential to expand access to and use of financial services.”

Read more in the full article here.

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