It’s not just Apple Pay that’s going to let you transfer funds using your iPhone. According to hidden code discovered in Facebook Messenger’s iOS app by Stanford student Andrew Aude, Facebook is also exploring the area — with a forthcoming feature that lets you send money as easily as you would “like” or share a photo.
Apple goes to some pretty crazy lengths to ensure secrecy for its various projects, and it expects a similar commitment from its partners.
According to a New York Times article, prior to releasing Apple Pay, the key players (which included Apple and banks such as JP Morgan Chase) referred to each other by code-names after rumors of Apple’s interest in mobile payments surfaced in early 2013.
More and more retailers are already using NFC terminals, but there is an additional reason why those without them might want to hurry up and get onboard: because Apple Pay could lead to more impulse purchases.
That at least seems to be the rationale of Walt Disney World, according to a new report.
A partnership with Walt Disney World was announced on Tuesday, and as per About.com theme park expert Arthur Levine, Disney is convinced it’s going to prove a great way of upping the amount customers will spend.
“It is surely hoping that by giving visitors the ability to use its cash-less system anywhere across the Disney World campus, they will increase spending, especially on impulse purchases,” Levine says.
Apple might be a hardware first company which creates software only to drive sales of its physical devices, but that doesn’t mean it can’t earn a bit of money from its services, right?
According to a new Bloomberg report, Apple will earn a fee every time its newly-announced Apple Pay service is used to make a purchase.
The deals were reportedly brokered by Apple with each bank individually and will give Apple a sizeable share of the $40 billion generated by banks each year from so-called swipe fees for credit card payments. JPMorgan, Bank of America and Citigroup have not yet disclosed the terms of the deal.
Details surrounding Apple’s mobile payments platform have been surfacing more frequently leading up to its big media event tomorrow. Now it’s being reported that Apple will incentivize merchants and customers to use its service with a special rewards program.