Apple Pay’s success could trigger deals in the payments industry; makes PayPal potential acquisition target
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Apple Pay’s success could trigger deals in the payments industry; makes PayPal potential acquisition target

  • 2015-02-13 14:07:07
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News / Mobile phones Apple Pay’s success could trigger deals in the payments industry; makes PayPal potential acquisition target

A report from the Financial Times suggests that the strong adoption rate of Apple Pay has led industry giants like Google, Amazon and Samsung to look for potential acquisition targets  that will allow them to catch up with Apple in the mobile payments field. 

Earlier this year, eBay announced its plan on spinning of PayPal into a separate company, which leads many bankers to believe that the latter will be a potential acquisition target by many industry giants.

Google has been in the NFC mobile payment market since years, but was unable to achieve any significant success. It was revealed earlier this month that the company is planning on acquiring ISIS — a competing mobile payment service from AT&T, T-Mobile and Verizon to boost its market share. Samsung is also on a similar boat with reports suggesting that it was in talks with a mobile payment startup to launch its own Apple Pay competitor, dubbed LoopPay.

While a number of mobile payment services are available in the market, Apple Pay easily beats them all in terms of ease of use, security, support and overall experience. Apple has also been constantly adding support for new banks and card issuers in Apple Pay since the launch of the service in October last year to further expand its user base.

The Cupertino company’s mobile payment service already accounts for two out of three contactless payments made from Visa, AMEX and MasterCard. Tim Cook even said at the company’s earnings call earlier this week that 2015 is “the year of Apple Pay.”

Apple is looking to expand Apple Pay to other regions like China, Europe, the U.K. and Canada.

[Via Financial Times]






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