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It appears that the rumor which asserted that talks about bringing Apple Pay to more countries were stalling isn’t entirely accurate after all. As CNBC tweeted out on Friday, based on a Dow Jones report, Apple aims to launch Apple Pay in Canada this fall, marking the start of its international expansion of the mobile payment service.
Apparently, the Cupertino firm is in talks with the country’s six biggest banks about a potential November launch for Apple Pay’s first venture outside the U.S.
The news first broke in a tweet by CNBC and was later expanded in an article by The Wall Street Journal.
“At this stage, it is still uncertain whether all six banks will launch Apple Pay at the same time because talks are ongoing,” the newspaper quoted sources as saying.
The article identifies the likes of Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada as potential Apple Pay partners in Canada.
The aforesaid banks account for more than ninety percent of retail bank accounts in the Canada, potentially giving Apple Pay near ubiquity upon launch.
Apple’s iPhone market share in Canada stands at about one-third of the smartphone market, potentially helping Apple Pay take off sooner than later. Apple Pay is supported on the iPhone 6 and iPhone 6 Plus and Apple Watch, as well as on older iPhones through the wrist-worn device, starting form the iPhone 5 onward.
Another factor playing to Apple’s favor: the vast majority of Canadian merchants are already equipped with machines that accept contactless payments through near-field communication technology, or NFC, which is a prerequisite for Apple Pay.
Although the banks are open to an agreement, they reportedly “aren’t happy with Apple’s fee proposals” and are concerned about potential security vulnerabilities stemming from attackers using social engineering to put stolen credit card numbers into Apple Pay.
In particular, banks are citing supposedly “onerous” terms of commercial agreements for Apple Pay said to be in the range of 15 to 25 basis points on credit card transactions to Apple versus 15 basis points per credit card transaction and half-a-cent per debit transaction on Apple Pay in the United States.
“As a result, the ‘Big Six’ banks have formed a consortium and hired consultancy McKinsey & Co. to help develop a security protocol for Apple Pay,” sources told WSJ.
Canadian banks are reportedly proposing a “secondary authentication” system that would require entering a PIN to authorize a user’s credit card with Apple Pay. Other methods of verification could include logging into a mobile banking app or using a one-time passcode sent via text message, clunky experience notwithstanding.
While Apple’s been signing up new merchants to Apple Pay on a regular basis, including the likes of Coke and Walt Disney, as well as additional banks and credit card issuers — the list of participating issuers can be found in a support document here — the system remains hampered by availability issues as Apple Pay is currently unavailable outside the United States.
But, eventual setbacks aren’t stopping the Cupertino firm from promoting Apple Pay heavily. The company is even providing businesses with Apple Pay stickers for promotional purposes.
Source: Dow Jones via CNBC
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Crypto businesses are often compared with banks and their related things. This is because of the certain similarities that they exhibit. However, they are not the same things and have the respective differences that give them unique identities. Looking at these similarities and other initiatives that the crypto business goes for to improve gives a hint that they are becoming banks. One can state some reasons and theories for the same, but some stand out and are genuine facts. Crypto businesses are an excellent field for people interested in cryptocurrency and who have a business mindset.Are crypto businesses becoming banks − Myth or Fact?
It might surprise many people who knew that crypto businesses initially denied becoming anything related to banks. However, it seems that the tables have turned, and the crypto businesses have found a safe and progressive zone in the idea of becoming like banks. This is because things will get easier for them to handle and care for. Also, people all across the world are, in one way or another other, connected to banks more than they are connected to the crypto industry.
Yes, the crypto businesses initially were not on this track and denied being related to the banks. However, this has changed now, as the crypto businesses have filed several applications regarding becoming national trust banks.
The crypto firms saw good business opportunities in embracing this idea. The blueprint of this entire theory seems quite useful for the firms and people investing in them.
This can vary slightly from one crypto firm to the other. However, the strategy to improve and bring more and more customers within their fold binds them all as one. Since it is more like a symbiotic process, it has nothing wrong but good.The reason behind crypto businesses becoming like banks
Crypto is an evolving field, giving new business opportunities to people who are working here. Moreover, you are not always required to opt for it as a full−time profession. Many people take it up part−time and make a good amount of money. Moreover, many students pursuing their education from various institutions also participate in crypto. This helps them to be financially independent and make an earning.
Since it serves many people with what they need, it has a large family to maintain. After being a bank, they will be able to help more and more people more conveniently. The chief purpose of this is to make custody−related services available to the people looking for them.
Many people find themselves highly motivated to invest more in crypto businesses. This step can be of great help to them. It not only makes sure that the profit they make is high but also ensures a secure and long−term transaction.
Also, it helps in building trust between customers and crypto businesses, who find it a reliable platform to invest in.
Moreover, the statistics say that this move can help crypto businesses to make all sorts of services available to their customers. Although the services they provided were good in number and quality, certain things still made people take their steps back. To eradicate it, they have started working towards becoming more like banks, who provide all sorts of services to the customers and gain more and more members in their families. With a changed pattern of working and an improved strategy, crypto businesses are likely to rocket up higher than they already have.
The crypto firms have filed applications requesting to operate the national trust banks. There is a very solid reason behind this request that can help crypto businesses to make a larger share of profit. This is because these banks do not hold reserve capital mandated by the FDIC.The future of crypto businesses that are interested in becoming banks
Crypto businesses are one of the best career options to pursue in the current times. There are many ways to earn money if someone is interested in cryptocurrency. For example, you can start working at a particular post in the system or just invest in getting a handsome amount of money.
It is a field that already has many people and firms trying to compete with one another and win the entire profit for themselves. This strategy decreases the chances of someone new getting a good amount of attention or gaining success instantly. It takes constant effort to make one’s place out there and to stay. However, it helps the customers who are investing there or are taking their services in any way. They get various good options to select from since all of them are fighting among themselves to stay by providing good quality services.
The demand for this industry will likely grow in the coming years as more institutional investors are interested in crypto businesses. Crypto businesses have taken a step forward to bring the much−needed and best services to the people who are putting their trust in them. By making enough profit for themselves, they also give good opportunities to make a profit to the people. They are interested in becoming like banks, or operating banks is a good step that must be appreciated.Conclusion
Banks have an organized way of working and offer many services. Moreover, it is a known asset to almost everyone, making them trust banks more than anything. When the crypto businesses take the operation of certain banks, things are likely to improve in every way for all the crypto investors. People can expect a rise in the graph of success and profit. This strategy draws thousands of investors to crypto firms. Moreover, you can begin investing a small amount as well. Later, it depends on how you manage your transactions.
Have you ever wanted to make a purchase but didn’t have the total amount upfront? With Apple Pay Later, you can buy what you want from a participating merchant and pay Apple back over time. Let’s take a look at what Apple Pay Later is, what you need to use it, and how to set it up on your iPhone and iPad.
What is Apple Pay Later?
Apple Pay Later is a service in which you make a purchase from a participating merchant, and the total cost is split into 4 installments that you pay over a 6-week period. Apple pays the total to the merchant, and you repay the loan amount without any fees or interest to Apple.
You can use Apple Pay Later for online and in-app purchases between $50 and $1,000 on your Apple Pay-enabled iPhone or iPad.
There is no impact on your credit when applying for an Apple Pay Later loan; however, after your purchase, your loan and payment history might be reported to credit bureaus and effect your credit.
Apple Pay Later requirements
In order to use Apple Pay Later, you must:
Be at least 18 years of age. If you’re an Alabama resident, you must be 19 years of age or older.
Be a US citizen with a valid physical address, not a PO box. The service is currently unavailable in Hawaii, Nevada, New Mexico, North Carolina, Wisconsin, and the US territories.
Have at least iOS 16.4 or iPadOS 16.4 installed on your device.
Have Apple Pay set up with an eligible debit card which is required to make an Apple Pay Later down payment.
Have two-factor authentication set up for your Apple ID.
Have a Driver’s License or state-issued ID card in case identity verification is required.
Additionally, Apple Pay Later is currently only available to invited customers. Customers are randomly selected through their Apple ID email to use the prerelease version of the service.
How to set up Apple Pay Later on iPhone or iPad
On your iPhone, open the Wallet app. On iPad, open Settings and select Wallet & Apple Pay.
Tap the Add button (plus sign).
Choose Set up Apple Pay Later and tap Continue.
Follow the prompts to apply for the Apple Pay Later loan by entering the total amount you’re requesting, including taxes and shipping.
Select Next and verify your name, birth date, and address.
Confirm the information and choose Agree & Apply.
Read through the payment plan and loan agreement, and then tap Add to Wallet.
Once you’re approved for the Apple Pay Later loan, you have up to 30 days to make your purchase. You can see the amount you’re approved for in the Apple Pay Later Available to Spend area.
If you have specific questions, concerns, or issues, you can contact Apple Pay Later Support.
How to use Apple Pay Later on iPhone and iPad
To use your Apple Pay Later Available to Spend amount from the Wallet app, follow the steps below.
Select Apple Pay during the checkout process.
Go to the Pay Later tab and tap Continue.
Review the payment plan and loan agreement, then tap Continue or Agree & Continue.
Choose the debit card you want to use for the down payment and follow the subsequent prompts.
A handy way to pay!
Apple Pay Later is a convenient service that can help you buy the things you want but can’t pay the total price for upfront. While technically a short-term loan, Apple doesn’t charge interest or fees, making it a handy way to pay.
What do you think, will you give Apple Pay Later a try? Let us know why or why not!
For more, look at how to set up Apple Pay on your Apple Watch to make purchases using your wearable.
Rachel loves anything Apple —from iPhones, to Apple Watches, to MacBooks. She is also a medical writer and a ghostwriter for various publications.
With the relatively high custom duties and local taxes, India is one of the most expensive countries to buy an iPhone. In the recent past, things are changing for Apple in India. The Cupertino giant has finally seized the lion’s share of the premium smartphone market in India. That said, the intent of this article is not to talk about iPhone price in India; Instead, we will ponder why Apple Pay is not available in India.
We have analyzed multiple factors and come up with possible reasons why Apple Pay is not available in India.
1. Single-digit market share
India is a price-sensitive market wherein the average selling price of smartphones stood at $156 in 2023. However, prices for iPhones in India start at around $500.
Needless to say, iPhone’s market share in India is still lingering in the single digits. Apple caters to the premium segment in India, and thus, it isn’t easy to drive the numbers. On the brighter side, it has grabbed an impressive 57 percent share in the premium smartphone market.
Apple is luring iPhone buyers with attractive discounts during online festivals. Flipkart, India’s leading retailer, revealed that iPhone 12 and iPhone 12 mini were the top-selling smartphones during the sale. Talking numbers, Apple’s market share in India is a paltry 3.6%, as opposed to 55 percent market share in the US.
The lower market share could be one of the reasons why Apple Pay is not coming to India (yet!). Setting up Apple Pay in India will involve a sizeable expenditure in terms of money and resources.
On the brighter side, Apple has been crowned as the fastest growing brand in India. It is quite likely that they could introduce Apple Pay in India after gaining a significant market share.
2. Merchant adoption and authentication issues
Merchant adoption is an important metric that decides the fate of the payment system. Even if Apple manages to implement Apple Pay in India, they will be facing the uphill task of getting merchants on board.
Furthermore, iPhone’s lower market share in India will make Apple Pay seem less attractive for merchants. That’s because Apple Pay works only on Apple devices. Thus, automatically excluding a significant userbase from other platforms.
Face ID and Touch ID are an integral part of Apple Pay. However, NCPI (National Payments Corporation of India) and RBI (Reserve Bank of India) guidelines prohibit companies from using biometrics for authentication. They require you to enter a pin that is not as convenient as using Face ID.
Lastly, banks and financial institutions insist on a minimum volume of transactions for any payment method.
3. Regulatory hurdles
In 2023, RBI said that all payment systems should store data within the country for better safety and security. At that time, Apple was working on a UPI-based payment system in India. This meant the company had to set up storage facilities in India or partner with a company based out of India.
As mentioned earlier, NCPI accepts biometric only when it is validated via UIDAI, a government agency. Apple stores Face ID and Touch ID data within the device. Hence, it cannot validate it with an external database.
4. Highly competitive
The mobile payments space in India is heating up, with players like PhonePe, PayTm, and Google Pay fighting for dominance. PhonePe has already established itself as a top player in the space with a 46 percent market share.
Apple is already late to the party, and the company could be staring at huge expenses for customer acquisition. Once again, the lack of interoperability will turn the tide against Apple.
Typically, users don’t frequently change their payment mode, especially when happy with their current choice. This adds more challenges for Apple.
5. UPI Integration
Apple is better off setting up a UPI for Apple Pay. This way, the payment system will seamlessly interact with other banks. Here’s why!
Unlike a few years ago, most payment terminals in India now support NFC (Near-field communication. Hence, merchants no longer have to spend a hefty amount on an NFC payment terminal. This makes it easier for Apple to convince merchants.
Moreover, RBI mandates interoperability. Thus, Apple’s best bet is to base Apple Pay on UPI. That said, Apple will have to rely heavily on its banking partner, which may not be ideal.
My two cents
Let’s face it; Apple is still strengthening its presence in India. Mobile payment space is a volume-driven market, and currently, the odds are stacked up against the Cupertino giant.
I believe this is the same reason why Apple News is not launched in India. Apple’s market share in India is growing at a steady pace. It would only be a matter of time before we get to use Apple Pay in India.
Mahit is an engineer by Education with a corporate stint to his name. He ditched the corporate boardroom wars in favor of the technology battleground. For the better part of a decade, he has worked for popular publishing outlets, including Dennis Publishing, BGR India, AppStorm, MakeUseOf, and iPhonehacks.
The sector has emerged from the pandemic with its best result since 2023 – a 7% increase in cash earnings to $28.5bn, driven by a long-anticipated turn in the interest-rate cycle.
An untested firewall surrounds the economy and the banks ahead of an expected downturn, as the nation’s big four lenders bask in a gradually closing window of economic sunlight.
The sector has emerged from the pandemic with its best result since 2023 – a 7% increase in cash earnings to $28.5bn, driven by a long-anticipated turn in the interest-rate cycle, according to Ernst & Young, Australia (EY).
“Significant and interconnected global threats and tightening of global financial conditions could result in a slowdown in economic activity relatively quickly, fuelling a growing likelihood of global recession that would have spill-over effects in Australia,” forecasts Doug Nixon, EY Oceania Banking and Capital Markets Leader.
Aggressive financial tightening by the Reserve Bank to combat persistent inflation enabled the major banks with September balance dates to inflate their net interest margins in the second-half by lifting mortgage rates faster than deposit rates.
While the initial impact was positive, the general rule is that costs eventually go up, followed by bad debts.
In the meantime, the credit environment could not have been more benign, highlighted in 2023 by a collective writeback of $133m.
Ho hum, you might say. And you’d be right, because it’s the outlook which determines the price of equities, more so than the last profit announcement.
On Thursday night, RBA deputy governor Michele Bullock repeated the November statement on monetary policy’s sobering outlook, saying larger-than-expected increases in food prices meant that headline inflation would peak next month at about 8 per cent.
Growth in GDP was expected to slow early next year, as the recovery in household spending from pandemic-related restrictions ran its course.
Unemployment was forecast to remain at about 3.5 per cent until mid-2023 before rising to 4.25 per cent by the end of 2024.
The RBA said in its statement on monetary policy that Australia was better positioned than the US or Britain but the global outlook was darkening, with recessions likely in major developed economies.
Policy tightening to cool inflation could “expose previously unrecognised vulnerabilities in the global economy”.
PwC Australia banking and capital markets leader Sam Garland said in a note after the banks’ September-year results that the range of plausible scenarios for the 2023 financial year was “extraordinarily broad”.
Some, such as falling asset prices, were legacies of the pandemic, but others included a broad spectrum of supply constraints, especially labour, food and energy.
“It’s likely that, as the global economy pivots in the face of these challenges, that it – but not necessarily Australia – moves into recession,” Mr Garland said.Threats and challenges
Knowing the threats and challenges, the major-bank chief executives prefer to accentuate the positive – our resilience in the face of previous downturns, and some structural weaknesses which on closer examination turn out to be strengths.
One example is the common refrain that the nation’s household sector is burdened with a world-beating level of debt.
ANZ Bank chief executive Shayne Elliott said the truth was that households in Australia and New Zealand are wealthier, more liquid and more employed than ever.
In Australia, household debt net of liquid assets, excluding superannuation and property, was “around zero”, its lowest level in 15 years, and the number of customers behind on debt repayments continued to fall, although that was soon expected to turn.
“I realise we’re talking in averages and that the risk lies in the tails, but nonetheless the data is instructive,” Mr Elliott said.
“I can’t over-emphasise the impact that cost of living pressures is having on the community – it’s clearly an issue not only at the supermarket and petrol station but also with household utilities, and now the cost of living itself with the rent or mortgage repayments.
“All of these factors are certainly having an impact on our retail and small business customers. However, our data shows that they are entering this period of stress in strong shape.”
Mr Elliott said “stress spots”, for example where first-time home owners had borrowed heavily and were now experiencing price falls, were few and far between.
But it was worth noting that 13% cent of postcodes had already experienced average house-price falls of more than 10%.
ANZ’s exposure in those postcodes to customers in negative equity was about 0.4 per cent of its book, or $780m.
This would increase to 1% of the book if values were to fall a further 10 per cent.
“To be clear, there are economic risks ahead, but we are entering 2023 in great shape, with positive momentum, and well-prepared for whatever challenges lie ahead,” the ANZ boss said.Business conditions ‘strong’
National Australia Bank, the nation’s biggest business lender, also enjoyed the economic sunlight, boasting 13% growth in small and medium-sized business lending and market share gains.
While rate hikes were starting to show some impact on growth, as they were in home-lending, chief executive Ross McEwan said there were “no signs” of deeper problems.
“Business conditions are still very strong,” Mr McEwan said.
On home-lending, the NAB chief growth was likely to fall from 7% last year to 2.5-3 per cent in 2023.
“So we still see growth, but the market is changing quite dramatically and it is turning into a refinance market as people look to find a better rate as interest rates rise,” he said.
“You are seeing quite a shift and the margin compression in the home-lending market is quite considerable as funding costs become higher, even though interest rates are rising.”
The trend was sufficiently pronounced for NAB to devote any spare balance-sheet capacity to the business bank, even if it means the home-loan portfolio temporarily grows at a lesser rate than the wider banking system.
Westpac chief executive Peter King said he expected the cash rate to peak in a range of 3.5-4%, before starting to fall in 2024.
While interest rates were rising rapidly and house prices were falling, the economy remained strong and unemployment was at a record low.
“At this point we haven’t seen spending really slow down; probably just a little bit,” Mr King said.
“So, we’re just highlighting that we think interest rates need to move up further from here to slow the economy and slow inflation.
Here is a list of smartphones which are going to release in November 2023 in India.Lenovo Z5 Pro
The smartphone will also come with a better dual camera set up at the back including a 16MP + 24MP setup. The smartphone will feature the latest Qualcomm Snapdragon 710 processor and plenty of RAM for the multitasking. The phone has been launched in China just today and is expected to arrive in India very soon.Xiaomi Redmi Note 6 Pro
The display comes with a notch with 19:9 aspect ratio for better viewing. The front camera is now upgraded to 20MP + 2MP setup with AI portrait selfie mode, the rear camera is still 12MP + 5MP. The battery is 4000 mAh for a full day of usage. Xiaomi will launch this smartphone soon in India.Nokia 7.1
HMD Global is going to launch the Nokia X7 in India with a rebranded name- Nokia 7.1. The smartphone comes with a notch display and glass back design. The smartphone features Qualcomm Snapdragon 710 processor paired with up to 6GB RAM.
The Nokia 7.1 comes with a 12MP + 13MP camera set up at the back for better depth in pictures and a 20MP shooter on the front for selfies. The battery is a 3500 mAh unit which provides a better backup throughout the day.Huawei Mate 20 Pro
Huawei has released its latest flagship smartphone Mate 20 Pro in London recently which comes with some of the worlds first features in a smartphone. The smartphone comes with a tripe camera set up at the back with a new type of orientation for better photography.Honor 8C
Honor 8C is going to be launched soon in India which will feature some mid-range specifications and hardware. The smartphone will come with Qualcomm Snapdragon 636 processor paired with 3GB or 4GB of RAM.
The smartphone comes with a plastic back which is somewhat good because it will help in making the smartphone lightweight. The smartphone will feature dual camera at the back including 13MP + 2MP sensors for better photography.Nubia Red Magic
Nubia Red Magic comes with some cool LED lighting effects on the back and some awesome hardware. The smartphone comes with Qualcomm Snapdragon 835 processor paired with 8GB RAM. The smartphone also comes with liquid cooling tech to keep the smartphone cool while gaming.Lenovo K5 Pro
Another smartphone which is going to release from the brand Lenovo is the Lenovo K5 Pro. It is also going to be a mid-range smartphone which will feature Qualcomm Snapdragon 636 processor and 3GB or 4GB of RAM.
The smartphone might feature a 16MP + 5MP dual camera set up at the back for out-focusing photography. The smartphone will feature a 6 inches display with a 19:9 aspect ratio for better viewing. The smartphone might get priced at Rs 10,000 but we need to confirm this at the time of the launch.Conclusion
These were the smartphones which are yet to launch in India in the month of November. The smartphones will be launching soon if not in November. The specifications and the features listed here are also not confirmed by the brands so these could change in the final device.
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