Visa and JPMorgan Chase are launching apps for contactless payment system for sellers

News

Visa and JPMorgan Chase are launching apps for contactless payment system for sellers

28.10.2020 News

On Tuesday, JPMorgan Chase announced the launch of its mobile payment service QuickAccept, and on Wednesday, Visa launched its application called Tap to Phone.

The purpose of both programs is to offer sellers an easy way to accept contactless payments from customers via a smartphone or tablet.

According to Visa, in the context of the global COVID-19 pandemic and social distancing, the growth in the use of touch payment technology has increased by 40% this year. A recent company survey found that 48% of consumers said they would not shop at a store that only accepts cash.

The world’s largest payment processing company Visa has launched the Tap to Phone app in 15 markets, including European countries, with plans to expand in the US and other markets.

The app will soon appear in Brazil, Italy, the United Arab Emirates and the United Kingdom. The launch of Tap to Phone in the US is scheduled for 2021.

The launch of Tap to Phone follows a pilot implementation with Samsung last year.

The application allows Android devices to serve as tools for accepting payments by bank cards of the international standard EMV (Europay, MasterCard and VISA) without any other additional equipment.

According to a Visa study, less than 10% of the 180 million micro and retail merchants worldwide can accept digital payments. A Visa survey found that 63% would likely use Tap to Phone for their business, while about 50% of consumers said they would use it if offered.

The launch of the QuickAccept mobile payment service opens up great prospects for JPMorgan and will allow the bank to compete with mobile payment companies such as Square and PayPal.

This move by JPMorgan, the largest US bank in terms of assets, marks an even greater immersion in the fin-tech field of large banks.

Jen Roberts, CEO of Chase Banking, said in an interview with CNBC that the bank will transfer most of its more than 3 million small business customers to the new service. At the same time, the service will be aimed at customers with an annual income of less than $ 500,000 who want to avoid paying an instant transfer fee.

Visa shares, which rose up to 19.26% over the past six months, fell nearly 2% over the past week.

Shares of JPMorgan Chase have fallen to 28.7% since the beginning of the year, but have risen up to 11% over the past 6 months.

Other articles

  • Exxon Mobil announces record depreciation of its gas assets by $ 20 billion
    News

    Exxon Mobil announces record depreciation of its gas assets by $ 20 billion

    The American oil and gas giant Exxon Mobil had one of the worst years in its history. Exxon shares have fallen by 45.36% since the beginning of 2020. The company has lost money for three quarters in a row, and in August they were excluded from the benchmark index of “blue chips” Dow Jones Industrial […]

  • PayPal has expanded its cryptocurrency service to all US users
    News

    PayPal has expanded its cryptocurrency service to all US users

    PayPal Holdings has fulfilled its promise made last month by making its PayPal Cryptocurrency application available to all registered users in the United States. On October 21, the service was launched in test mode for a limited number of users. Commenting on the November 2 financial report, PayPal CEO Dan Shulman said that only 10% […]

  • General Motors reports profit growth of 74%
    News

    General Motors reports profit growth of 74%

    Shares of General Motors, down by 3.7% since the beginning of the year, rose by 3.9% in trading after the company announced the results of the 3rd quarter, which ended on September 30. General Motors reported earnings per share increase of 65% to $ 2.83, which was higher than analysts expected $ 1.38. The amount […]

  • The net loss of the world’s largest cinema network increased 16.5 times in the third quarter
    News

    The net loss of the world’s largest cinema network increased 16.5 times in the third quarter

    AMC Entertainment Holdings, which owns the world’s largest network of cinemas, presented its financial report for the third quarter of 2020. His company ended with a net loss of $ 906.5 million – 16.5 times worse than last year. In the third quarter, the company’s cinemas began to reopen after a five-month of lockdown due […]

  • The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube
    News

    The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube

    Shares of Alphabet, which rose 18.2% over the past 6 months, rose 9% after closing trading on Thursday when the global advertising giant announced significant improvements in the reporting quarter. Google’s parent financial report far exceeded analysts’ expectations and showed a resumption of advertising revenue growth after reporting a drop in revenue for the first […]

  • Chevron made a net loss of $ 4.9 billion in nine months
    News

    Chevron made a net loss of $ 4.9 billion in nine months

    The net loss of the second largest American oil and gas company Chevron, which accounts for the parent company, in the first nine months of 2020 amounted to 4.878 billion dollars against a profit of 9.534 billion dollars a year earlier, the company said. The diluted loss per share was $ 2.63 against earnings of […]

  • AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers
    News

    AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers

    Shares of AT&T, which have lost 27.6% of value since the beginning of the year, rose up to 5.8% on Thursday after the publication of better-than-expected Wall Street analysts, earnings for the 3rd quarter, which ended on September 30. AT&T reported earnings per share of $ 0.76, which is 19% below last year’s value, but […]

Read also

Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Nvidia’s merger agreement with Arm could take more than two years because of China

It may take Nvidia twice as long to get approval for its deal to buy Britain’s largest technology company, Arm Holdings, which is owned by Japanese financial conglomerate SoftBank Group. After the companies announced a $ 40 billion deal last September, the first hurdle was a class action lawsuit from Google, Qualcomm and Microsoft, which […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

HarvEast invests 3 million UAH in the implementation of social projects

HarvEast Agro, together with the heads of the state district administrations and district councils in the territories of the company will determine the presence of social finance projects for 2016. The parties have agreed this on this year’s first collective meeting, which took place in Mangushevskyi, Volodarskyi and Volnovakhskyi districts, Donetsk region. In the near […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

PrivatBank’s profit fell sharply in 2021

In the first quarter of 2021, PrivatBank’s profit amounted to UAH 2.4 billion, which is 4.3 times less than in the same period last year (UAH 10.4 billion). This was reported on the bank’s website. “Changes in the world economy and Ukraine’s economy, first of all, the growth of yields on long-term US government treasury […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Oil prices fell due to US stocks

World oil prices of reference brands at the auction on Wednesday, May 19, fell after the publication of data on stocks in the United States. In particular, the price of July futures for Brent oil on the London Stock Exchange ICE Futures fell by 4.89% – to $ 65.35 per barrel, but later returned to […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Creative will return its grain elevator in a court case

According to the statement of the new management  of the Creative company was opened a criminal proceeding  for illegal withdrawal of the group’s assets. It is reported by the  “Ukrainian News”. In February 2016 Holosiivskyi District Court of Kiev ordered the freezing of assets of the companies “Protein-Production”, “League” and “Yagotynske HPP”. Seizure of assets […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Court admits illegality of Delta Bank assets transfer

On November 9, 2016, the Economic court of Kiev made the decision about Bank Delta illegal assets transfers . It bears remaining, in March the National Bank of Ukraine has published information that Delta Bank is the bankrupt. The agreement of an Oschadbank mortgage signed on more than 400 million hryvnias 6 years ago. In […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

The “Astarta” agricultural holding will invest 10 million UAH in the development of the industry

The largest producer of sugar in Ukraine, the “Astarta” agricultural holding launched the project on drip irrigation in the Poltava region. The cost of the project is 10 million UAH. “Irrigation technology will be applied to the crops of sugar beet: first, 360 ha, and according to the results of the project in this year, […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Three suspicions were signed in the case of PrivatBank

Prosecutor General Iryna Venediktova has reconciled three suspicions with former officials of PrivatBank, the press service of the Prosecutor General’s Office reports. Thus, the notification on the change of the previously reported suspicion to the former chairman of the bank’s board, the former deputy chairman of the board and the former head of the interbank […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Buffett’s company increased a quarterly net profit to 87%

The investment company of billionaire Warren Buffett’s Berkshire Hathaway in the II quarter 2020 net income increased due to higher cost of investment after the rise of stock markets and the collapse in the first quarter due to coronavirus pandemic. During the reporting period the company received $ 26.3 billion in net profit to $ […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

The cryptocurrency Dogecoin has sharply added to the price after the tweets of three celebrities

The cryptocurrency Dogecoin, which contains an image of a dog shiba-inu, on Monday, February 8, reached a record high after billionaire Elon Musk, rapper Snoop Dogg and bassist Kiss Gene Simmons wrote about it on Twitter, according to Bloomberg. Thus, according to the CoinGecko platform, the value of the token rose to a peak of […]

Next
img 6323 2 1 810x608 1
News

Swedish traditions with a Ukrainian soul

HOW IT ALL BEGAN Sweden, the homeland of the Lantmannen concern, has rich traditions of farmers unions. Those unions were established on the principles of democratic governance, quality control, fair profit distribution. The Lantmannen company was set up on the basis of one of those principles in 1880. Over 100 years, the company has been […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Lyft announces a resumption of travel and expects profits by the end of 2021

Shares of Lyft, which fell 16.2% since the beginning of the year but jumped 37.4% over the past week, rose 5.8% amid investor reaction to the company’s quarterly report. Lyft reported a loss for the third quarter (ended September 30) at $ 1.46, which is worse than analysts’ forecasts at – $ 0.91 loss per […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

For the first time, the Baltic States have given up electricity from Russia

For the first time in history, the Baltic States have completely given up electricity from Russia during the tests for the exit from the BRELL energy ring (Belarus, Russia, Estonia, Latvia, and Lithuania – ed.), Scheduled for 2025. It is noted that Latvia suspended commercial imports from Russia for two days (April 8 and 11) […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Alibaba invests in the largest hypermarket operator in China

The largest Chinese Internet company Alibaba Group Holding Ltd. will acquire from Auchan Retail International shares of the largest Chinese hypermarket operator Sun Art Retail Group for $ 3.6 billion, according to the press release from Alibaba. “Alibaba is investing $ 28 billion ($ 3.6 billion) to acquire … 70.94% of Auchan Retail’s stake in […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Volvo was dropped from a height of 30 meters

Volvo dropped several cars from a height of 30 meters for crash tests. According to the automaker, such tests are very important for training rescue services. Volvo lifted the cars to a height of 30 meters with a crane, and then smashed them several times. Such a test allowed to simulate damage to cars at […]

Next
Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
News

Microsoft has frozen financing politicians in the US

Microsoft has frozen donations to American politicians who voted against Joe Biden’s approval as president after the election. This decision will be valid until 2022. In addition, Microsoft will not support state-level politicians and organizations that have tried to challenge the election results. According to Brad Smith, the president of the corporation, in the last […]

Next