Payment options are getting more diverse to satisfy as many consumer needs as possible. Although cash isn’t yet a figment of the past, electronic payments are definitely at the forefront of the industry. Technology allows for money to be sent globally, and companies within the tech industry are expanding payments to reach every sort of consumer and capitalize on emerging markets.
Pay for a ride with Facebook
Facebook and Uber have partnered up to provide payment for the ride-sharing service through Facebook Messenger. Though it may sound cumbersome to use social media as a payment solution, the beauty of this offer is that it will not require an Uber account. This works in the transportation company’s favor and gives it more customers. Uber already has over eight million users, according to the Washington Post, but that number pales in comparison to Facebook’s daily average of 894 million mobile users.
Google Wallet: Send money with a phone number
Messages and ride-sharing apps aren’t the only innovative payment solutions. Google recently announced that those with Google Wallet will be able to send money based on phone numbers in their contact list. Wallet users will choose a payee from their contacts, and the payee will be sent a text message with a secure link prompting them to enter their debit card information. The funds will be available in the receiver’s bank account within minutes, Google said.
According to Yahoo Finance, money within the Google Wallet app can be insured by the Federal Deposit Insurance Corporation in April. Google is a nonbanking institution, so insurance is not required by federal law. However, this step does go a long way in elevating consumer satisfaction and security, and shows how much importance the company places on payment processing.
Apple Pay heads to China
Despite rough waters, Apple Pay will be coming to China early in 2016, PYMNTS.com reported. Apple is collaborating with China UnionPay and 15 Chinese banks in order to reach the nation’s rapidly increasing number of online shoppers. According to the site, online payments were sent by more than 304 million Chinese citizens last year. This is positive news, as PYMNTS.com earlier revealed that Apple had suffered a setback in expanding its mobile payment service. Apple was facing difficulty expanding within the Australian market as local banks were reluctant to pay interchange fees to the tech company. Apple Pay is currently available in Australia through a partnership with American Express, but the company lacks access to 80 percent of the nation’s market. Still, this partnership and Australia’s adoption of Google’s Android Pay show an international demand for various payment options.
Samsung Pay expands domestically and internationally
Samsung recently announced the addition of 19 new banks and credit unions to its Samsung Pay service. Samsung Pay is currently supported by over 30 institutions, and this latest announcement shows the company is on its way to reaching an even higher number of consumers.
“With the widest acceptance of any mobile payment service, Samsung Pay continues to expand its reach and provide its customers unparalleled choice, flexibility and access,” said Executive Vice President and Global Head Injong Rhee.
The company is also reaching internationally like Apple in its partnering with China UnionPay. UnionPay cardholders with Samsung phones will be able to access their credit and debit cards via mobile device, and the company ensured payments will be triple-protected. Samsung also emphasized Pay will abide by Chinese financial regulations.
The fact that several tech industry giants are investing in innovative payment options represents a shift to offering an assortment of solutions for customers. Businesses that do not currently provide a diverse payment system should consider doing so in order to reach the widest variety of consumers.
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