Úno 10

Australian Banks Indirectly Help Bitcoin By Boycotting Apple Pay

Source: bitcoin

Bitcoinist_Mobile Payment

The mobile payment sector is heating up, as every company and financial institution are scrambling to launch their platform in the near future. Over in Australia, it will not be smooth sailing for Apple Pay by any means, as the country’s major banks continue to boycott the popular mobile payment solution. NAB was among the first to launch their own mobile app, and now ANZ Mobile Pay is here as well. Bitcoin, on the other hand, is creating a far less fractured payment ecosystem around the world.

Also read: Diamond Market Meets Bitcoin Through Bitcoin.de

Apple Pay Battle in Australia Becomes A Lot Harder

Even when consumers might be preferring to use Apple Pay for their mobile purchases, they will be unable to do so unless their bank participates in the project. In Australia, the likelihood of being able to pay with Apple Pay is becoming is becoming much smaller on a monthly basis, as the country’s major banks keep boycotting this solution.

Similar to the struggles Apple is facing in Canada; bank participating remains a key issue in Australia. There is a lot of friction between all parties, only because the technology giant is looking to take a slice of interchange revenues in these countries. Needless to say, in this day and age of financial turmoil, banks are even less keen on sharing their revenue with other players.

Now that ANZ, one of Australia’s four major banks, has released their mobile payment application for Android users, things are looking even more bleak for Apple Pay. Making payments through ANZ Mobile Pay requires the user to tap their card against the phone, enter the date of birth and mobile number, and then choose their preferred payment option.

This process will have to be repeated for every individual card ANZ customers want to link to the mobile solution. However, with the wide variety of credit and debit cards that are supported, some customization is possible. Furthermore, ANZ Mobile Pay users can withdraw money using their phone at several ATMs supporting contactless withdrawals.

Although it is a positive sign to see major banks focusing some of their attention on the mobile ecosystem, this plethora of different apps is creating a fractured world of payment solutions. In the end, the consumer will not benefit from all of these solutions, as they prefer a streamlined system without too much hassle.

Bitcoin is Streamlined And Globally Available

Unlike these mobile payment solutions requiring bank participation, the Bitcoin ecosystem is very much streamlined. In fact, it would be difficult not to streamline it, as there is no unnecessary mingling by third parties, banks, or governments. This is one of Bitcoin’s major strengths, as it carries on unencumbered by these woes.

Getting one’s hands on Bitcoin has become easier over time as well. Most countries have one or more Bitcoin exchange, there are Bitcoin ATMs, and even peer-to-peer trades are a possibility. Plus, with the limited amount of coins in circulation, there is a chance for a value increase down the line.

What are your thoughts on banks releasing their own mobile payment solution? Let us know in the comments below!

Source: ANZ

Images courtesy of Shutterstock, ANZ

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Australian Banks Indirectly Help Bitcoin By Boycotting Apple Pay

Led 29

MasterCard Sees Major Earnings Growth And Keeps Tabs on Blockchain

Source: bitcoin

Bitcoinist_Earnings Report

Despite obvious signs on the wall of how the financial world is starting to crumble, there are still plenty of financial players reporting a healthy profit year over year. MasterCard is one of those companies seeing a whopping 11.1 percent profit rise, as the purchase volume increased during the final quarter of 2015. This is quite an interesting piece of information, especially when considering how the company is interested in blockchain technology and Bitcoin as well.

Also read: Brave Web Browser Early Look: 27% Faster Than Firefox, Bitcoin Integration

MasterCard Sees A Big Growth During Holiday Shopping Frenzy

Whenever a credit card issuer reports a quarterly earnings report, there are always certain factors to take into consideration. It only seems normal for these companies to report growth in transaction volume during the final quarter of a year, as this is when the holiday shopping spree goes in full effect.

That being said, an 11.1 percent rise in quarterly profit is quite exceptional, especially when considering how consumers all over the world are still feeling the effect of the 2007 financial crisis to this very day. Consumers are more aware of their finances these days, although there is still plenty of impulse purchasing going on whenever sales or holidays are around the corner.

With a net income of US$890 million during Q4 2015, MasterCard saw a major increase compared to the same period in 2014. In total, there was a US$89 million difference in net income, leading an individual share price increase of US$0.10. Needless to say, investors will be more than pleased with this news.

These earnings were on par with the projections made by financial experts earlier in 2015. In fact, the projections predicted a spot-on 79 cents per share value by the end of 2015. This just goes to show how hard work can pay off for MasterCard, despite stiff competition from Visa as far as the credit card industry is concerned.

With a 12 percent increase in transaction volume by customers, credit cards issued by MasterCard are becoming a preferred method of payment all over the world. Considering how contactless payments are on the rise all over the world, it only seems to make sense consumers are flocking to credit card and other payment solutions.

Bitcoin is A Viable Global Payment Alternative

Unlike plastic cards, Bitcoin has been offering cross-border payments for many years now. The main difference between Bitcoin and Mastercard is how the former is subject to much lower transaction fees, as the sender pays for every transaction rather than the recipient. Plus, there are no intermediaries involved in Bitcoin, putting the end user in full control of their finances at all times.

That being said, MasterCard has openly expressed their interest in blockchain technology recently. Embracing distributed ledgers would allow for cheaper payment solutions, as well as reduce overhead costs. Furthermore, it would also be beneficial to merchants as they can receive funds faster, rather than waiting for several days until the money arrives.

What are your thoughts on the MasterCard earnings report? Will this trend hold up over the next few years? Let us know in the comments below!

Source: Reuters

Images courtesy of MasterCard, Shutterstock

The post MasterCard Sees Major Earnings Growth And Keeps Tabs on Blockchain appeared first on Bitcoinist.net.

MasterCard Sees Major Earnings Growth And Keeps Tabs on Blockchain

Led 15

New York Public Transportation Going Contactless Is An Opportunity For Bitcoin

Source: bitcoin

New York Public Transportation Going Contactless Is An Opportunity For Bitcoin

Contactless payments are one of the hottest trends right now when it comes to revamping the financial industry in the near future. However, the payment method is only viable in a limited capacity right now, although more consumers will be able to use contactless payment options in the future. If everything goes according to plan, most of the New York public transportation system will go contactless in two years from now.

Also read: Bitcoinist Giveaway: Win a Free Ticket to TNABC 2016

Contactless Payments In Favor Of Cash

When using public transportation, cash payments are one of the most annoying issues to deal with. While most countries will have other ticketing options available as well, a lot of consumers still rely on cash transactions when buying a ticket. However, cash payments are slowly on the way out in a few different countries around the world, and governments are looking at alternative solutions.

Contactless payments are a big part of the future of finance, according to the Metropolitan Transportation Agency in New York. It is not the first time this new type of payment will be making its way to public transportation solutions in the New York area, as the first experiments with contactless transactions started back in 2006.

Thanks to a partnership between the MTA, MasterCard, and Citi, a pilot program was created to introduce this alternative form of payment to society. After nearly ten years, Governor Cuomo will be accelerating the feasibility and adoption of contactless payments in the area. In a way, this can also be seen as a move by the New York officials to catch up with the city of London, where contactless payments have been used for public transportation

New York Governor Andrew Cuomo stated:

“The MTA is absolutely vital to the daily functioning of New York City, but for too long it has failed to meet the region’s growing size and strength. This is about doing more than just repair and maintain – this is thinking bigger and better and building the 21st-century transit system New Yorkers deserve.”

If all goes to plan, both the subway and bus industry will be using contactless payments from 2018 onwards. Commuters will be able to pass through ticket gates more quickly, as well as board buses without any friction. Plus, an application will be created for users to manage their balance online, rather than relying on physical cards.

A Huge Chance For Bitcoin Payments

Contactless payment integration opens up a lot of opportunities for Bitcoin in the near future as well. In fact, companies such as Plutus have come up with a way to allow for Bitcoin transactions wherever NFC payments are accepted. This means Bitcoin users in New York should be able to use digital currency as a payment method for public transportation

Even though New York doesn’t appear to be keen on Bitcoin by any means, it is not unlikely the MTA will integrate digital currency payments themselves in the future. When it comes to places with a lot of tourists every year, Bitcoin payments for public transportation make a lot of sense. Unlike fiat currencies, Bitcoin is a global payment method.

What are your thoughts on contactless payments for public transportation in New York? Should they integrate Bitcoin at some point? Let us know in the comments below!

Source: Finextra

Images courtesy of MTA, Shutterstock

The post New York Public Transportation Going Contactless Is An Opportunity For Bitcoin appeared first on Bitcoinist.net.

New York Public Transportation Going Contactless Is An Opportunity For Bitcoin