Global Payments (GPN) Offers Apple Pay Via JV With CaxiaBank
A leading international provider of payment technology services, Global Payments Inc. GPN recently introduced a simpler option called Apple Pay through a joint venture with CaixaBank, the leader in retail banking in Spain.
The venture named Comercia Global Payments EP, S.L will provide Apple Pay service via CaixaBank Pay app to its users, who can add their CaixaBank cards to Apple Wallet and effortlessly use the facility for purchases at any contactless enabled retail location.
Notably, Apple Pay is a mobile payment and digital wallet service provided by Apple Inc.
Apple Pay is Apple’s popular contactless payment system for mobile phones and the platform has grown significantly since its launch in 2014. This service provides an easier, secure mode of payment that is also time efficient.
The cashless service enables transactions generating a unique identification code rather than saving actual card numbers on the devices or Apple servers. This provision nullifies the incidence of theft, thereby making dealings very safe and protected.
Expanding the Apple Pay service in Spain and across Europe will help Global Payments increase its customer base as well as enhance its reputation as a renowned payment solution company. Global Payments already offers Apple Pay service in the United States, U.K., Canada, Singapore and China.
Other players supporting Android Pay are Visa Inc. V, Mastercard Inc. MA, American Express Co. AXP et al.
Year to date, the company’s shares have returned 43%, outpacing the 37% growth of the industry it belongs to.
This Zacks Rank #3 (Hold) player also offers Samsung Pay and Android Pay services to various parts of the world. It remains focused on improved security measures and strategic alliances with various financial institutions to extend the reach of mobile payment applications in eCommerce and mobile transactions (mCommerce). You can see the complete list of today’s Zacks #1 Rank stocks here.
Given greater flexibility, superior security and low maintenance cost, demand for these electronic and mobile payment facilities is expected to rise by leaps and bounds in the future.
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