The iPhone will very soon be a contactless payment terminal with Tap to Pay. Rumors were right to predict the receipt of card payments on the iPhone in the coming months. This new payment system should make its debut this spring at the hands of Stripe, which will be followed months later by the rest of the payment platforms that want it. But here we come back to what is almost becoming a custom: Apple’s new payment services remain in the United States.
All the Apple payment services we’re still waiting for
Since the introduction of Apple Pay in 2014, the company has deployed a veritable arsenal of payment and even financing solutions and services. Eight years ago in which we saw the deployment of various services:
Apple Pay in 2014. Apple Pay Cash, now only Apple Cash, in 2017. Apple Card in 2019. Tap to Pay in 2022.
The differences between Apple Pay, Apple Cash and Apple Card are well known. The first allows you to pay with your iPhone at any contactless point of sale. Apple Cash is for payments between iPhone users. And Apple Card is a virtual and physical credit card with some advantages, such as better interest, a percentage return on each purchase, and financing.
Some of these services like Apple Card make more sense in the US, but others like Apple Cash are fine for other markets.
Apple Pay is the only one of these big four services to be present in other countries. In fact, Apple Pay arrived in Spain on December 1, 2016 with Banco Santander, more than two years after the initial launch. For the rest of the services, we are still waiting.
And it is striking that Apple Pay only took two years while for Apple Cash five years have already passed. Without even reaching other countries accustomed to receiving this stuff from Apple first, such as the UK, France or Germany.
Banking regulations that do not explain so much delay
When we talk about the fact that these financial and payment services have yet to cross US borders, we end up pointing to banking regulation as the culprit. And it is true, because the financial sector is one of the most regulated nationally and internationally. All this to prevent fraud or money laundering, as well as to protect such an important sector for any country.
With Tap to Pay, Apple enters the mobile payments sector after offering P2P payments between users
This could be accepted as a reason until two or three years ago. But with Apple Cash completing half a decade without emigrating, it’s hard to fathom. For Europe and the rest of the world, Apple would need a local banking partner other than Goldman Sachs, which is the one it uses in the United States. It’s hard to believe that in all this time no one has been willing to make deals.
Solutions such as Bizum in Spain are usually flagged as a possible stumbling block that banks aren’t interested in Apple Cash for it. But the market share in our country is 15.9% in December 2021. Being a system that only works between iPhones, banks should not feel threatened.
Obviously, Apple’s plans in this regard are unknown. We don’t know anything official about the expansion of these services outside of their home country. We just have to sit and wait.