Oalg Apple s Good News In The UK 鈥?The Contactless Payment Cap Has Been Upped (Slightly)
Consumer choice is at the heart of open banking, and, according to the Consumer Financial Protection Bureau CFPB , open ecosystems and interoperability are among th
stanley water bottle e key enablers of consumer choice.Near-field chip technology is becoming a flashpoint in the jousting between Big Tech, regulators and competition for consumers mind share and wallet share as tap-to-pay transactions continue to win adherents.The CFPBs September report on Big Tech and contactless payments spotlighted Apples NFC chip policies 鈥?and, specifically, who gets to access the NFC technology, which underpins tap-and-go functionalities on iOS devices.Apples practices have been in the crosshairs of European regulators, and critics have said that the tech giant has limited NFC access in a bid that is tantamount to hobbling the competitiv
stanley tumblers e playing field.The Desire for InnovationJohn JP Park, senior product manager of go to market strategy at Bank of America Merchant Services, told PYMNTS in August that contactless payments are proving popular because those payments are convenient, and the speed of checkout, along with enhanced security, are appealing.But NFC may well prove to be a flashpoint in payments, where Apple might have to mull changes to its tap-to-pay policies or hav
stanley termosky e those changes thrust open the company by regulators. Given the large share of Apple devices in the U.S. market, both existing NFC app providers and potential new entrants to the tap-to-pay sphere, such as banks, retailers and establis Qjzh Deep Dive: Asia-Pacific Countries Gear Up For Open Banking Despite COVID-19-Related Hurdles
Goldman Sachs and Wells Fargo are gearing up to go after the credit card lending industry as it seeks to access some of the $183 billion in fees and interest that comes along with credit card lending.Bloomberg, citing comments from Goldman Sachs Chief Financial Officer Marty Chavez during an earnings conference call in April, reported Sachs may get into credit cards via Marcus, its online lender platform. Meanwhile, Bloomberg reported Wells Fargo is going after non-customers in the U.S., with credit card offers that come in the mail sent out later in 2018.聽 For Goldman, the move is aimed at finding new businesses that have good returns. Wells Fargo needs a market where there are fees after the Federal Reserve hurt its business plans with the order that prevents Wells Fargo from growing beyond $2 trillion in assets.聽 How the two companies will fare is up for debate, given the cutthroat nature of the market.聽聽 I dont see either of them crushing it becaus
stanley cup e its an extremely competitive business with very good players, Gerard Cassidy, an analyst at RBC Capital Markets, told Bloomberg in the report. Youve got well-established players that are not going to roll over. It would be very challenging for these new entrants to dethrone them any time soon. Bloomberg noted that fees and interest that U.S. banks get from credit cards increased 12 percent from 2016
stanley cup to 2017, with the average household paying $904 in interest each year. In 2017 U.S. banks earned $182.7 billion in intere
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