While mobile payment solutions have been around for a while, it is safe to say that not many of them have seen the same fervent adoption compared to Apple Pay. Many banks and financial institutions have rushed to support the new service and according to a retailer, Apple Pay’s use is currently outpacing that of the competition.
This is why it doesn’t come as a complete surprise to learn that it is possible that Apple’s competitors are scrambling to launch their own payment services in a bid to compete with the company and get in on the action. A report from the Financial Times (via AppleInsider) has recently suggested that companies are looking to acquire payment services.
One of those payment services is PayPal which eBay will be spinning off later this year. eBay had announced their plans to spin off PayPal into a separate entity which the Financial Times speculates would make it ripe for an acquisition, especially when you consider how many people rely on PayPal’s services to make payments and money transfers.
There have also been talks about Google looking to acquire Softcard, which is currently one of the competitors of Apple Pay along with Google Wallet, and banks have also indicated to the publication that smaller services such as Dwolla and Paydiant are primed for acquisition as well. Of course it remains to be seen if any of these rumors are true, but what do you guys think? Do you think Apple Pay is competitive enough to send everyone into a frenzy?
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