This announcement from US Bank is the first of what we expect to be several follow-on similar releases by other major commercial card issuers over the next 6-12 months. US Bank is the first major Visa commercial card issuer to provide mobile point-of-sale (MPOS) payment capability through smartphones using any of Apple Pay, Android Pay or Samsung Pay apps. American Express is the only other major commercial card issuer to provide such functionality, announcing in 2015 the Apple Pay capability for selected users and following with Android Pay and Samsung Pay in 2016.
allows commercial cardholders to conveniently and securely pay on the go with compatible devices, making US Bank the first financial institution to offer a mobile payment solution for Visa corporate card transactions,” the bank says. Select US Bank customers can make use of the function now, with a “wider launch to all commercial clients” coming in the spring
The announcement indicates “select” customers so the specific criteria is unknown. Mercator had predicted several such impending announcements in a 2016 published report entitled The Outlook for Commercial Mobile Payments. Demand has heretofore been tepid due to the sluggish rollout of EMV and subsequent POS certifications, but we expect this will be rapidly changing over the next 24 months.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
Read the full story here