Shares in this article
“The savings banks will have over 1.5 million Apple Pay users in December, which is three times more than in August,” said Apple Pay boss Jennifer Bailey in an interview with Welt am Sonntag. This is the first time the company has given concrete figures.
In Germany, the savings banks are the most popular providers of current and salary accounts. Around every second German over the age of 14 is a customer there. The savings banks have issued more than 46 million girocards. “The launch of Apple Pay with the Girocard was one of the most successful product launches by the savings banks in recent years,” said Joachim Schmalzl, executive board member of the German Savings Banks and Giro Association, of the newspaper. As with Apple, expectations were also exceeded with the Sparkassenverband.
Regulators, however, see the advance of tech companies with contactless payment systems as critical. Last week, EU Finance Commissioner Mairead McGuinness described smartphone payments as a “gold mine” because of the data it generates, attracting new providers such as Apple and Google for this market. “This is a revolution in payments – and in regulating and monitoring them,” she said. “The need for a level playing field is more important than ever.”
FRANKFURT (Dow Jones)
More news about Apple Inc.
Image Sources: Justin Sullivan / Getty Images