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  • 06.07.16

Visa launches an Apple Pay competitor for banks

The new service, the Visa Digital Commerce app, lets banks create branded mobile apps that allow consumers to pay at stores by holding their phone near an NFC-enabled payment terminal—rather than pulling out a credit card. The app will only be available on Android phones. 

In the race to digitize your wallet, so far Apple is the lead runner, according to a March Crone Consulting report. However, it faces tight competition from others, including Android Pay and Samsung Pay. Bank-branded mobile payment apps, if seamless, could make that competition even tighter. RR