Frustrated US banks reportedly pressure Visa to deal with Apple Pay issues

What to read today: The Banking Heads of Digital Report : Digital is integral to the customer experience, and banks' heads of digital are the lynchpin. Through our exclusive interviews with heads of digital at 12 of the largest financial institutions and three top neobanks across the US, UK, and Canada, this report will illuminate the biggest challenges and opportunities these executives are facing..

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October 9, 2021 Apple Pay feels the heat from US banks frustrated with fee scheme After banks reportedly pressured Visa to revise how it processes Apple Pay transactions, the card network is rumored to be considering a plan that would reduce the fees the wallet earns on subscription payments. When Apple Pay debuted, issuers and card networks feared Apple would extend its reach and brand loyalty too far into payments and eat into their market share. So Visa forged an agreement with the tech giant: Apple could decide which issuers and cards it would accept, and in exchange, Apple would not launch a competing card network. Apple has kept its side of a bargain, but the 2019 launch of Apple Card and its subsequent popularity—placing Apple into more direct competition with issuers—might be a factor driving the fee reevaluation. Insider Intelligence's Adriana Nunez has the full story. BRIEFING HIGHLIGHTS Ally's digital chief: 'Start by asking what truly transforms your business' We spoke with Sathish Muthukrishnan, chief information, data and digital officer at Ally Financial, about his role in the evolution of technology that preemptively assists the digital-only bank's staff and customers. Read More → Google's axing of Plex gives banks a reprieve and BaaS players reasons to worry Google has shelved its planned Plex bank accounts, which it would have made available to Google Pay digital wallet users. Read More → Wells Fargo taps credit-averse customers with Reflect card Wells Fargo unveiled the Reflect card, a no-annual-fee credit card with an 18-month introductory 0% APR on purchases and balance transfers. Read More → Regions Bank's overdraft-free account balances profitability with customer demand The Birmingham, Alabama-based bank has announced a new checking account that carries no overdraft or nonsufficient funds (NSF) fees. Read More → Life insurtech Ladder raises $100M to spread its digitized life insurance across the US The US-based insurtech closed a $100 million Series D round at a valuation of about $900 million after revenues more than quadrupled over the past year. Read More → Honey's cash-back integration gives PayPal's retail push a boost The PayPal-owned digital promotions platform introduced cash back through PayPal, a new way for US users to redeem reward points. Read More → Embedded insurtech Sure raises mega-round as fintechs are pressured to diversify US-based Insurtech Sure secured a $100 million Series C funding round, giving it a $550 million valuation. Read More → NatWest goes niche with acquisition of PFM app for children NatWest acquired London-based RoosterMoney, a PFM app for children ages 4-17. Read More → PayPal teams up with United Airlines and Amex to lock up primary wallet status PayPal has been expanding its capabilities to keep customers tied to its platform and attract new users. Read More → German insurtech Getsafe nets $63 million to power Europe-wide expansion Insurtech Getsafe added to the $30 million it raised in December 2020, closing its Series B funding round to the tune of $93 million. Read More → RESEARCH IN FOCUS The Banking Heads of Digital Report Digital is integral to the customer experience, and banks' heads of digital are the lynchpin. Through our exclusive interviews with heads of digital at 12 of the largest financial institutions and three top neobanks across the US, UK, and Canada, this report will illuminate the biggest challenges and opportunities these executives are facing. Get the full report → The Co-Brand Credit Card Report Co-brand card issuers and brand partners have an opportunity to reimagine their offerings in the pandemic's wake. Leaning on newfound digitization and shifting spending habits can help providers tailor their offerings in ways that widen their net, grow volume, and appeal to the maximum number of customers. Get the full report → Account Opening in the Next Normal Bank account opening is bouncing back after a slump during the coronavirus pandemic, and digital account opening (DAO) activity in particular is poised to benefit from the surge. But as banks work to optimize their DAO processes, they will face stiff competition from neobanks and Big Tech companies; both are raising the bar for DAO and count millions of customers among their existing client bases. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Insider Intelligence has to offer? Our subscriptions deliver analysis on the biggest trends and decisions shaping the future of your industry. Stay on top and subscribe today to receive: Research reports Daily email briefings Forecasts and charts Get Started Today → FOLLOW US Email sent to: nguyenvu1187.love5@blogger.com Manage your email preferences  |  Unsubscribe  |  Terms of Use  |  Privacy Policy © 2021 Insider Intelligence. 11 Times Square, 14th FL, New York, NY 10036