This story was delivered to BI Intelligence “Payments Briefing” subscribers. To learn more and subscribe, please click here.
Discover announced that transactions made via Apple’s new virtual debit card offering, Apple Pay Cash, will leverage the Discover Network, according to Finextra.
The Apple Pay Cash card, which was just introduced in December with the latest iOS 11 update, is part of newly introduced functionality that Apple has added to Apple Pay, its mobile wallet. US users now have the ability to send and receive peer-to-peer (P2P) payments via Apple Pay in the firm’s messaging platform, iMessage. Funds are then added to a virtual Apple Pay Cash card that is issued by Green Dot, a prepaid card firm, to be used for online and in-store purchases.
This partnership should help grow usage and adoption of Apple’s payment offerings, which in turn will increase the number of transactions performed on Discover’s network.
Discover has a massive reach, which includes a large acceptance network, giving Apple Pay Cash users more chances to use their cards. Discover was accepted by 9.3 million merchants in the US as of 2014, just slightly trailing Visa and Mastercard, …read more
Source:: Businessinsider – Finance