Tap-to-pay is necessary but not sufficient to win. Build a value proposition that goes beyond the payment.
Getting over it google sites android#
This is easily done today on Android (iOS is another conversation).ģ. Incorporate tap-to-pay on your smartphone app. A level playing field for all mobile apps to leverage NFC technology on mobile phones is critical.Ģ. When it comes to payments, your enemy isn’t the bank down the street. Collaborate with regulators and other banks to push for open near-field communication (NFC) standards. Here’s the roadmap for taking the offensive:ġ. Taking back the initiative starts with a simple question for every bank CEO and board member: why can’t I tap and pay with my smartphone app today?Īnswering this gets very complicated very quickly. But they have all been playing a defensive game -and defense can only stop you from losing.
Imagine if your account balance was printed on the front of your card, in real time? Why would you ever go back to a mobile banking app to check your balance if it was right there in your Apple or Google wallet?īanks are broadly aware that this is the real frontier of competition in today’s marketplace. Apple and Google could virtually wipe out mobile banking app usage with just one API. The Apple Card demonstrates that you don’t need an app for this. It’s an open secret that 90% of banking mobile app use is simply to check account balances.
This type of next-generation user experience should make bank leaders uncomfortable. It lives right on your iPhone in your Apple Wallet with no extra software required. No, the true innovation of the Apple Card is that it doesn’t need a banking app. Any customer can get a better rate today by looking at or a better cash back offer from many banks. Most of the focus was on the 4.15% APY rate it offered on deposits.
Within four days of going live, the Apple Card attracted nearly $1 billion in deposits from 204,000 customers. It’s worth infinitely more than raw bank data or trying to become a lender, and the big tech firms have been taking big strides toward it.
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