Apple Pay Overtakes Mastercard; Most Online Shoppers Make Mobile Purchases

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Apple Pay Processes $6 Trillion Annually, Edges Out Mastercard

New research claims that Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it’s over halfway to equaling Visa. Since its launch in 2013, Apple Pay has seen rising adoption by users, banks, and retailers, until in 2021 it accounted for 92% of all mobile wallet debit transactions. Now, according to comparison site TradingPlatforms, Apple Pay is the second most popular digital payment system, beaten only by Visa. The top-ranking Visa processes approximately $10 trillion worth of transactions per year, with Apple Pay on over $6 trillion. [Apple Insider]

Apple Pay has now surpassed Mastercard in the dollar value of annual transactions.

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Majority of Online Shoppers Choose Mobile to Make Purchases

The majority of online shoppers across global markets such as China, Singapore, Australia, and the UK are turning to their mobile phones to make their purchases. Some 57% also make cross-border buys, with consumers in China and the US mostly doing so from merchants in each other’s market. Online shoppers across 14 global markets currently tap their smartphones to make purchases, including 96% in China, 84% in Singapore, 81% in the UK, 78% in the US, 77% in Japan, and 69% in Australia. Across the board, 46% said they were more likely to buy from retailers that offered virtual or digital experiences. This figure hit a high 72% amongst shoppers in China, according to the report. [ZD Net]

How to Handle Credit Cards During Times of Inflation

In the face of 40-year highs in inflation numbers, American consumers are turning to credit cards at an accelerated pace. According to the credit bureau Equifax, consumers opened 28.4% more credit cards in the first quarter of 2022 compared with the same period the previous year. What’s more, the Federal Reserve Bank of New York found that credit card balances increased by 13% from the second quarter of 2021 to the same period in 2022, the biggest year-over-year increase in more than 20 years. If you’ve noticed that your spending has increased with rising prices and you’re concerned about taking on credit card debt, here’s what you should know. There’s good news, too: If you’re using your credit card responsibly, the right card can help you ease inflation’s bite. [U.S. News & World Report]

Despite A Late Start, Bank-Owned Zelle Moves More Money Than Venmo and Cash App Combined

Launched in 2017, The Zelle Network is a latecomer to the world of peer-to-peer payments compared with competitors like PayPal’s Venmo or Block’s Cash App. Despite having launched eight years after Venmo and four years after Cash App, the service has processed more than five billion transactions worth nearly $1.5 trillion in its first five years of business. Its key to success has been a killer distribution strategy, which has integrated Zelle with some of the country’s largest banks’ online banking services and mobile apps. Zelle is run by Early Warning Services, a fintech company owned by seven of the United States’ largest banks: JPMorgan Chase, Bank of America, Capital One, PNC, Truist, U.S. Bank and Wells Fargo. It appears to most users as an option within their desktop or mobile banking app and processed $490 billion in volume in 2021. Meanwhile, Venmo processed $230 billion worth of transactions and Cash App just $15 billion. [Forbes]

Credit Karma Will Pay $3 Million to Users Targeted with False Preapproved Offers

The Federal Trade Commission is ordering Credit Karma to pay its users $3 million after pushing false preapproved credit cards on consumers and harming their credit scores. Nearly one-third of users who applied for credit cards labeled as preapproved by Credit Karma, a credit monitoring company, were subsequently denied following a credit check. According to a complaint filed by the FTC, the marketing efforts wasted consumers’ time and had a negative impact on their credit scores. [NPR]

Canadians Are Turning to Credit Cards for Financial Stress Relief and Debt is on the Rise

As high inflation rates drive up the cost of essentials, consumers are putting purchases small and large on their credit cards to alleviate some immediate financial pressure. A Tuesday report by credit bureau Equifax Canada shows the practice is driving Canadians into debt as balances begin to outpace the ability to pay credit off. The report states that in the most recent quarter, credit card balances rose to their highest level since the final quarter of 2019. There was a 6.4% increase in credit balances between the first and second quarters this year, and people are buying more credit cards, too. [CBC]

Chase Has Added a Year of Free DoorDash DashPass Membership to Most of its Co-Branded Credit Cards

Chase has expanded its free DoorDash DashPass membership benefit to most of its co-branded credit cards. These include the popular Chase United, Marriott, Southwest, and IHG personal and business cards. To receive a free year, you must activate the benefit by December 31, 2024. [Business Insider]

Most Crucial Credit Card Statistics And Trends For 2022 To Show The Growth

Nowadays, credit cards play a crucial role in people’s day-to-day financial interests. Credit card penetration differs majorly across the globe as in some countries nearly all consumers use Visa or MasterCard-issued credit cards while consumers in some nations barely use these credit cards. Here we will discuss some of the most prominent credit card statistics showing the number of people using credit cards, their preferred issuers and networks, and how often and purposes behind using these cards. [Enterprise Apps Today]

Inflation Fears Spur Shoppers to Get an Early Jump on the Year-End Holidays

Although the holiday season is still months away, consumers are already concerned about how they will afford this year’s gifts as prices continue to rise, several studies show. Roughly 40% of holiday shoppers said inflation is changing the way they shop, with most trying money-saving strategies, according to a new report, such as buying fewer items or less expensive brands and using coupons, discounts and credit card rewards to offset costs. More than half, or 59%, of Americans are stressed about buying gifts this holiday season due to higher prices, another recent survey said. Half of holiday shoppers plan to start before Halloween. [CNBC]

Amex Cardmembers Can Now Round Up Purchases to Donate to Charity

Amex Round-Up is a new feature that allows cardmembers to round up their purchases and contribute the extra funds to charities of their choice. As this is a pilot program, not everyone will be able to participate just yet. Eligible cardholders in the U.S. and U.S. territories will receive an email from American Express inviting them to participate in Amex Round-Up. They can select the Amex card they want to enroll in the program and choose the purchase categories they want to round up. The categories include bars and restaurants, entertainment, groceries, shopping, services, transportation, and travel and leisure. During enrollment, cardmembers will be able to select an amount to round up in each category: to the nearest $1, the nearest $5 or the nearest $10. [The Points Guy]

Block Launches Cash App Pay Beyond Square Network

Block’s (formerly known as Square) Cash App is now letting users make payments on e-commerce sites outside the Square network. Until now, users could only make payments using Cash App Pay on Square terminals or online Square merchant partners. The company has partnered with American Eagle, Aerie, Tommy Hilfiger, Finish Line and JD Sports for the launch with more merchants like Romwe, Savage x Fenty, SHEIN, thredUP and Wish coming to follow in the coming months. Users can either explore discounts and promotions offered by these brands from the Cash App’s Discover tab or go to their website and select the Cash App Pay option at checkout. They can use Cash App credit or debit cards to pay for items they purchase. [Tech Crunch]