FRANKFURT (Dow Jones) – As Sparkasse giro cards can also be used with Apple Pay, the number of users of this contactless payment method using a mobile phone has significantly increased in Germany. “Savings banks will have more than 1.5 million Apple Pay users in December, which is three times more than in August,” Apple Pay chief Jennifer Bailey said in an interview with Welt am Sonntag. This is the first time the company has provided specific figures.
In Germany, savings banks are the most popular providers of current and payroll accounts. About one in two Germans over the age of 14 is a customer. Krājbanka has issued more than 46 million giro cards. “The introduction of Apple Pay with Girocard was one of the most successful savings bank product releases in recent years,” Joachim Schmalz, a board member of the German Savings Banks and Giro Association, told the newspaper. Like Apple, Sparkassenverband’s expectations were exceeded.
However, regulators consider the development of technological technologies with contactless payment systems to be critical. Last week, EU Finance Commissioner Mairead McGines had to pay by smartphone because the data was as follows:Gold mine“This is a term that attracts new entrants, such as Apple and Google, to this market.” It’s a revolution in payments – and its regulation and oversight, “she said.” The need for a level playing field is more important than ever.
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(END) Dow Jones Newswires
December 5, 2020 6:00 PM ET (11:00 PM GMT)