Apple Pay overtakes Mastercard; Most online shoppers make mobile purchases

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Apple Pay processes $6 trillion a year, outpacing Mastercard

New research claims that Apple Pay has overtaken Mastercard in the dollar value of annual transactions, with its total of $6 trillion, meaning it’s halfway to matching Visa. Since its launch in 2013, Apple Pay has been increasingly adopted by users, banks and retailers, until in 2021 it accounts for 92% of all mobile wallet debit transactions. Now, according to comparison site TradingPlatforms, Apple Pay is the second most popular digital payment system, beaten only by Visa. The first Visa processes around $10 trillion in transactions a year, with Apple Pay handling over $6 trillion. [Apple Insider]

Majority of online shoppers choose mobile to make purchases

The majority of online shoppers in global markets such as China, Singapore, Australia and the UK are turning to their mobile phones to make their purchases. Some 57% also shop cross-border, with consumers in China and the United States doing so primarily from merchants in each other’s markets. Online shoppers in 14 global markets currently use their smartphones to make purchases, including 96% in China, 84% in Singapore, 81% in the UK, 78% in the US, 77% in Japan and 69% in Australia. Overall, 46% said they were more likely to buy from retailers offering virtual or digital experiences. That figure peaked at 72% among shoppers in China, according to the report. [ZD Net]

How to Manage Credit Cards in Times of Inflation

Faced with 40-year highs in inflation, American consumers are turning to credit cards at an accelerating pace. According to credit bureau Equifax, consumers opened 28.4% more credit cards in the first quarter of 2022 compared to the same period a year earlier. Additionally, the Federal Reserve Bank of New York found that credit card balances increased 13% between the second quarter of 2021 and the same period in 2022, the largest year-over-year increase in more than 20 years. If you’ve noticed that your expenses have increased with rising prices and you’re worried about getting into credit card debt, here’s what you need to know. There’s good news, too: if you use your credit card responsibly, the right card can help mitigate the impact of inflation. [U.S. News & World Report]

Despite a late start, bank-owned Zelle moves more money than Venmo and Cash App combined

Launched in 2017, The Zelle Network is a latecomer in the world of peer-to-peer payments compared to competitors like PayPal’s Venmo or Block’s Cash App. Despite launching eight years after Venmo and four years after Cash App, the service has processed over five billion transactions worth nearly $1.5 trillion in its first five years of operation. activity. Its key to success has been a killer distribution strategy, which has integrated Zelle into the online banking services and mobile apps of some of the biggest banks in the country. Zelle is run by Early Warning Services, a fintech company owned by seven of the largest banks in the United States: JPMorgan Chase, Bank of America, Capital One, PNC, Truist, US Bank and Wells Fargo. It appears to most users as an option in their desktop or mobile banking app and processed $490 billion in volume in 2021. Meanwhile, Venmo processed $230 billion in transactions and Cash App only processed $15 billion. of dollars. [Forbes]

Credit Karma will pay $3 million to users targeted by fake pre-approved offers

The Federal Trade Commission orders Credit Karma to pay its users $3 million after pushing fake pre-approved credit cards to consumers and damaging their credit scores. Nearly a third of users who applied for credit cards labeled as pre-approved by Credit Karma, a credit monitoring company, were later denied following a credit check. According to a complaint filed by the FTC, the marketing efforts wasted consumers’ time and negatively impacted their credit scores. [NPR]

Canadians are turning to credit cards to relieve financial stress and debt is on the rise

As high rates of inflation drive up the cost of basic necessities, consumers are placing purchases big and small on their credit cards to ease some immediate financial pressures. A report released Tuesday by credit bureau Equifax Canada shows the practice is putting Canadians into debt as balances begin to exceed the ability to repay credit. The report indicates that during the last quarter, credit card balances reached their highest level since the last quarter of 2019. There was a 6.4% increase in credit balances between the first and second quarter of this year, and people are buying more credit cards. , too. [CBC]

Chase has added a free year of DoorDash DashPass membership to most of its co-branded credit cards

Chase has extended its free DoorDash DashPass membership benefit to most of its co-branded credit cards. These include popular personal and business cards from Chase United, Marriott, Southwest and IHG. To qualify for a free year, you must activate the benefit by December 31, 2024. [Business Insider]

Most Crucial Credit Card Stats and Trends for 2022 to Show Growth

Nowadays, credit cards play a crucial role in people’s daily financial interests. Credit card penetration differs significantly across the world, as in some countries almost all consumers use credit cards issued by Visa or MasterCard, while consumers in some countries barely use these credit cards. Here, we’ll discuss some of the most important credit card statistics, showing how many people use credit cards, their preferred issuers and networks, and the frequency and purposes of using these cards. [Enterprise Apps Today]

Inflation fears prompt buyers to jump early during the end-of-year holidays

Although the holiday season is still months away, consumers are already worried about how they will afford this year’s gifts as prices continue to rise, according to several studies. According to a new report from Bankrate.com, around 40% of holiday shoppers said inflation is changing the way they shop, with most trying money-saving strategies, such as buying less. less expensive items or brands and the use of coupons, discounts and credit card rewards. to offset the costs. More than half, or 59%, of Americans are stressed about buying gifts this holiday season due to rising prices, according to another recent survey. Half of holiday shoppers plan to start before Halloween. [CNBC]

Amex cardholders can now round up their purchases to donate to charity

Amex Round-Up is a new feature that allows cardholders to round up their purchases and contribute the extra funds to the charities of their choice. As this is a pilot program, not everyone will be able to participate yet. Eligible cardholders in the United States and US territories will receive an email from American Express inviting them to participate in the Amex Round-Up. They can select the Amex card they want to enroll in the program and choose the purchase categories they want to round up. Categories include bars and restaurants, entertainment, groceries, shopping, services, transportation, travel and leisure. During registration, cardholders will be able to select an amount to round up in each category: to the nearest $1, to the nearest $5 or to the nearest $10. [The Points Guy]

Block Launches Cash Pay Beyond Square Network App

The Cash app from Block (formerly known as Square) now allows users to make payments on e-commerce sites outside of the Square network. Until now, users could only make payments using Cash App Pay at Square Terminals or Square Merchant Partners online. The company has partnered with American Eagle, Aerie, Tommy Hilfiger, Finish Line and JD Sports for the launch with more merchants like Romwe, Savage x Fenty, SHEIN, thredUP and Wish to follow in the coming months. Users can either explore the discounts and promotions offered by these brands from the Discover tab of the Cash App or go to their website and select the Cash App Pay option at checkout. They can use Cash App credit or debit cards to pay for the items they purchase. [Tech Crunch]

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