Apple and Others Battle It Out For Retail Banking

Before the innovation of fintech companies came to be significantly appreciated, much of the world's population were allowing in abject exclusion from receiving financial services.

Apple saw a market in that and release app only transaction that became an instant hit.

Today digital giants like Facebook, Apple, Google, are rolling out payment services in their various platforms.

Facebook launched its payment services in 2015 and hoped to integrate Whatsapp into mobile banking in other to facilitate an easier use for consumers who frequently look for the easy and fastest way to send money.

Google is not left out of the growing need to take a bite of the cookie jar. They are consistently working on Android pay for all their devices to ensure a more robust security network when people use them to lend, borrow and spend money.

Perhaps the most significant entrant into the mobile banking, instant payment platform is Apple. Rolling out Apple pay some few years significantly showed the interest of the company is trying to diversify its revenue.

We all know the sales of iPhone contribute a large chunk of Apple's revenue over the years. But what we might not have heard is that Apple pay transactions clocked $1 billion recently. The figure was much higher than Paypal and some huge peer to peer payment networks.

Paypal Venmo, Square Cash app are nowhere near the projections that have been credited to Apple pay. If consistent policies are followed, many people using I phones from across the world will align with what Apple has to offer.

How does Apple pay work

The concept of Apple pay is a significant one. Everybody understands that buying stuff on the Apple store requires using your credit. But what people don't realize is that, with the help of Apple pay, you can leave your money in an Apple wallet and make payments from there from there anytime you want.

You can also transfer money to other Apple pay users all over the world and in the US.

Retail shops and merchants have started receiving Apple pay as a means of payment to facilitate a seamless transaction. Right now you can walk into any shop in the US, pick stuff that you need, and request to pay via Apple Pay. Also, If you need Quik loans express To make payment the site can help you.

Apple pay has also brought the Apple pay cash card that enables you to transfer the balance in your wallet to your bank account. You can also split bills using the app, leave a standing order payment and make a lot of purchases at no extra cost.

Person to person payment services is going to grow in the next few years If companies continue to look at how they can manage their consistent dependency of the traditional financial sector to make headway. Payment procedures can be better structured.

Darshan Shah is a young serial entrepreneur, digital marketer and blogger. He's founder of TheWebReach.com and providing Digital Marketing services like SEO, Guest Blogging and many more. He's enthusiastic about creating blogs and writes creative content for the readers. He loves to help people to grow their business worldwide through his digital marketing knowledge.