"Apple Inc has been sued by Venmo and Cash App customers in a proposed class action claiming the iPhone maker abused its market power to curb competition for mobile peer-to-peer payments, causing consumers to pay 'rapidly inflating prices.'"
"Apple is making Apple Pay Later available to all users in the United States, after initially releasing it to a limited number of users back in March. Apple Pay Later allows users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees."
"The financial alliance between Apple and Goldman Sachs Group, launched in 2019 with the intent of tapping into the consumer finance marketplace, has hit a rough patch. The partnership that birthed Apple Card and its high-yield savings account was reportedly deemed a “mistake” by a Goldman Sachs executive, encapsulating the bank’s burgeoning discontent with the venture."
"News of Apple’s partnership with Goldman Sachs first emerged in February 2019 from the Wall Street Journal. That’s the same news outlet that is now reporting on Goldman’s effort to back out of the deal and pass it off to American Express."
The Tech Report
"As the popularity of mobile payment solutions increases, Apple Pay surfaces as a key player in the market, distinguishing itself from the rest."
Goldman Sachs, Apple's banking partner for its credit card and high-yield savings account, is seemingly having doubts about those products. According to The Wall Street Journal, Goldman is looking to get out of the consumer lending business, which could have implications for Apple Card and the associated savings account.
"The Australian government said on Wednesday it planned to introduce laws that would empower the central bank to regulate digital wallet providers including Apple Pay and Alphabet's Google Pay."
"Apple is soft launching a new iPhone Wallet app integration today that is powered by the United Kingdom’s Open Banking API. The Wallet app will now be able to show the user’s current account balance from their bank, as well as a history of deposits and payments."
"Apple was ordered to face a private antitrust lawsuit by payment card issuers accusing the company of thwarting competition for its Apple Pay mobile wallet. U.S. District Judge Jeffrey White said the plaintiffs could try to prove that Apple violated the federal Sherman antitrust law by enforcing a 100% monopoly over the domestic market for tap-and-pay wallets for iPhones, iPads and Apple Watches."
GlobeNewswire News Room
With around 507 million users across the globe, Apple Pay is becoming an increasingly popular method to purchase cryptocurrency on self-custody wallets like MetaMask.
9 to 5 Mac
"Apple today announced that its high-interest savings account for Apple Card has topped over $10 billion in deposits. Early indicators suggested that the savings account was a hit, and today Apple has given us firm official numbers to back that up."
"Apple Pay Later has been rolling out since March, but it’s still not available to everyone. Despite the limited availability, a new survey today suggests that Apple is already taking business from other buy-now-pay-later services like Paypal, Afterpay, and more."
"Apple today announced businesses across the United Kingdom can now accept in-person contactless payments through Tap to Pay on iPhone, which lets vendors take payments using contactless cards and mobile wallets. Initial partners include Revolut and Tyl by NatWest are the first payment platforms to offer Tap to Pay on iPhone to their U.K. business customers, with Adyen, Dojo, myPOS, Stripe, SumUp, Viva Wallet, Worldline, and Zettle by PayPal coming soon."
"Goldman Sachs is in talks to offload its Apple credit card and high-yield savings account products to American Express, a source told CNBC’s Leslie Picker. Goldman Sachs and Apple declined to comment. CNBC has also reached out to American Express."
"Apple has engaged with many Indian authorities and officials in recent weeks and plans to soon hold conversations with NPCI for the launch of its payments service Apple Pay in the South Asian market, according to two people familiar with the matter, eyeing an entrance into a crowded space that is dominated by Walmart’s PhonePe, Google’s GPay and Paytm."
"Apple announced two significant changes to Apple Wallet among a handful of other updates that didn’t make the keynote address on Monday, which kicked off the start of its Worldwide Developers Conference.
"Apple is out with a new press release today detailing more features coming to its various services platforms later this year. For Apple Cash users in particular, Apple says that iOS 17 will add support for recurring payments as well as the ability to automatically add money to Apple Cash balance when it gets low…"
"Alipay today announced to launch a new feature for iPhone customers with the latest version of Alipay app to quickly add Alipay to their Apple ID and complete payment authorization one-stop within the app."
"Adoption of digital wallets is approaching critical mass as both retailers and payments providers look for ways to increase loyalty and reduce friction at checkout, our analyst Jaime Toplin said on a “Behind the Numbers: Reimagining Retail” podcast."
Australian Financial Review
"Inside Apple, it was known as Project Muirfield. Not only would the iPhone be able to make payments, but accept them too. This week the plan came to life in Australia. The US technology giant said Westpac and Tyro would be the first banks to allow business customers to download an app to receive payments from customers with their iPhone, rather than through a payment terminal."
"Apple has today launched Tap to Pay on iPhone in Australia, which they say empowers local businesses of any size to accept in-person contactless payments on iPhone using a partner-enabled iOS app. This move will rival Square and other POS systems. The capability was launched last year in the United States."
"Apple has indisputably built the world’s most talked about mobile payments service ecosystem with Apple Pay, and this is giving the company a good platform from which to enter the Buy Now Pay Later (BNPL) space, according to GlobalData."
"The European Commission, which oversees antitrust laws in the EU, has accused Apple of engaging in anticompetitive behavior since the launch of Apple Pay in 2015. Officials are concerned that Apple's limiting the iPhone's built-in NFC chip to Apple Pay makes it impossible for third-party companies to break into the mobile payment market.Bloomberg has learned that the EU is currently exploring other payment options for mobile devices, such as QR codes and Bluetooth technologies, as alternatives to Apple's NFC chip."
"Apple has introduced its small business friendly Tap to Pay service in the first nation outside the US of A, launching it in Taiwan this week. Introduced as Apple CEO, Tim Cook toured India this week, Tap to Pay Taiwan is also being supported by local payment providers there, including CTBC Bank and TapPay, with Taipei Fubon Bank coming on line soon."
"Apple has managed an incredible growth story and is worth more than $2 trillion, making it the most valuable company in the world. As a company gets larger, growing at the same pace gets much harder as growth opportunities get exhausted. For a company the size of Apple, it may seem like it's running out of growth opportunities. Thankfully for Apple investors, there's still room for the business to get bigger."
"An appeals court has issued a ruling in the long-running antitrust tussle between Apple and Epic Games . As Bloomberg reports, the US Ninth Circuit Court of Appeals upheld a lower court ruling, which rejected most of Epic's claims that Apple violated federal competition law by prohibiting alternative app stores on its devices. The three-judge panel also upheld a part of the original ruling that was in Epic's favor."
"A U.S. appeals court on Monday upheld a federal court's order that could force Apple Inc. to change payment practices in its App Store, and Apple said it may appeal the decision. The U.S. 9th Circuit Court of Appeal upheld a 2021 order in an antitrust case brought by "Fortnite" creator Epic Games that could require Apple to allow developers to provide links and buttons for third-party in-app payment options and avoid paying sales commissions to the iPhone maker."
"Apple Card customers in the U.S. can open a savings account and earn interests starting today. When the company originally announced the new financial product back in October, Apple said that it couldn’t share what interest rate would be paid out on these accounts because rates are fluctuating so much these days. As of today, Apple is going to offer an APY of 4.15%."
"Apple has updated its App Store to include the UPI autopay as a new payment method for subscription-based transactions in India. With the help of UPI autopay, users can set up automated payment methods for regular payments using any UPI app that supports the feature. According to a report by Inc42, the news was made public when Apple emailed its Indian customers to inform them about the function."
"PayPal is adding new tools for small business owners including Apple Pay support at checkout, the option for customers to save their cards for this specific site, and access to IC++ pricing. Small and medium businesses currently have two ways to integrate PayPal in the checkout flow. In addition to the Standard Checkout integration that lets you accept PayPal payments with little effort, the company also has an Advanced Checkout integration feature for companies that want more personalizations and payment features. Companies that have opted for the latter option can now accept Apple Pay payments from their customers."