While some merchants are pushing back against Apple's new Apple Pay mobile payment service as they work on their own competing solution, banks are putting their weight behind Apple's solution that seeks to streamline the current experience of using a credit or debit card.
In an effort to encourage users to adopt Apple Pay, Wells Fargo has just launched a program offering credits of up to $20 just for trying out the service. Wells Fargo credit card users can receive $20 credits, while debit and prepaid card users can receive $10 credits simply by using their iPhone 6 or 6 Plus to complete an Apple Pay purchase on their cards through November 30.
Credit card customers will receive their $20 credits on their accounts within 1-2 billing cycles, while debit and prepaid customers will receive their $10 credits on their linked Wells Fargo checking accounts within 45 days.
Banks have been strong supporters of Apple Pay, as the Touch ID authentication offers improved security over traditional credit cards, reducing fraudulent purchases for which banks assume responsibility. Apple does take a small cut of transactions processed using Apple Pay, but that amount appears to be a worthwhile tradeoff for these banks.
(Thanks, Matthew!)
from MacRumors: Mac News and Rumors - All Stories
In an effort to encourage users to adopt Apple Pay, Wells Fargo has just launched a program offering credits of up to $20 just for trying out the service. Wells Fargo credit card users can receive $20 credits, while debit and prepaid card users can receive $10 credits simply by using their iPhone 6 or 6 Plus to complete an Apple Pay purchase on their cards through November 30.
Credit card customers will receive their $20 credits on their accounts within 1-2 billing cycles, while debit and prepaid customers will receive their $10 credits on their linked Wells Fargo checking accounts within 45 days.
Banks have been strong supporters of Apple Pay, as the Touch ID authentication offers improved security over traditional credit cards, reducing fraudulent purchases for which banks assume responsibility. Apple does take a small cut of transactions processed using Apple Pay, but that amount appears to be a worthwhile tradeoff for these banks.
(Thanks, Matthew!)
from MacRumors: Mac News and Rumors - All Stories
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