Verizon Communications lead a $9.4 million investment round in Flint Mobile, a mobile payments service that uses software to process transactions instead of hardware, giving the company a boost from a major carrier.
Apple is set to launch its mobile payments service, Apple Pay, on Oct. 18, according to an internal Walgreens memo. The memo, first reported by MacRumors, indicates that launch date, but it's unclear if the service will go live then or a little before.
Apple Pay, the company's new mobile payments platform, will be launched first in the U.S., where it will most likely create considerable interest among the many other players in the mobile payment sector that have already been working with developers to integrate payments into apps. Special report
Apple is restricting the functionality of the Near Field Communications chipset embedded in its new iPhone 6, iPhone 6 Plus and Apple Watch products to its Apple Pay mobile payments program, according to multiple reports.
Softcard, the mobile payments company recently rebranded from Isis, said it is working with Apple to enable its own solution on the iPhone, just as Apple unveiled its own mobile payments program, Apple Pay. Although Softcard's announcement could be seen as a way to maintain its relevance now that Apple will offer a competing solution, the news underscores the idea that Apple Pay will spur consumer and retailer interest and adoption in Near Field Communication technology and mobile payments, according to analysts and industry players.
Apple announced a new mobile payments program called Apple Pay that Apple CEO Tim Cook said "will forever change the way all of us buy things." The new service will pit Apple against rivals like Google and Softcard, formerly Isis, which has the backing of Verizon Wireless, AT&T Mobility and T-Mobile US.
A day before Apple is expected to announce the iPhone 6 and the iWatch, reports from a variety of sources are helping to flesh out details about the two gadgets as well as the companies likely to support Apple's products. Specifically, CVS and Walgreens are reportedly planning to support Apple's NFC-based mobile payments service; Apple is investing in new iBeacon-powered in-store shopping technology; and Apple is building an App Store to cater specifically to its forthcoming smart watch.
The Merchant Customer Exchange (MCX) unveiled the brand name CurrentC for its mobile wallet, loyalty and offers platform, which it will launch in 2015 at around 110,000 retail locations, including at Walmart, Best Buy and Target.
Isis, the mobile payments and commerce venture, said it will rebrand itself as "Softcard" to disassociate itself from the extremist Islamist militant group, the Islamic State in Iraq and Syria, better known as ISIS. The company expects the rebranding to happen over the next few weeks as it updates its mobile wallet application.
Apple has struck deals with Visa, MasterCard and American Express for its mobile payments program it will unveil alongside the next iPhone, according to a Bloomberg report.