And these financial giants have been unusually busy these past few months.
First came the decision to slash digital transfer fees, with the biggest players eliminating them altogether.
Industry chatter now points to a handful of major banks—including at least one digital lender—preparing to unveil support for Apple Pay as soon as the middle of this week.
The initial rollout might sound modest, but a quick check with app updates from other lenders suggests more players are preparing their own launches.
With Apple Pay, customers can link their debit and credit cards to an iPhone or Apple Watch and pay with a simple tap.
For years, mobile wallets have dominated digital payments by making transactions fast and simple. This has paid off immensely for the pioneers, and their ability to meet demand for easier access has created a new generation of market leaders with eye-popping valuations.
Interestingly, GCash, the country’s biggest fintech, is already responding. Its new Visa and Mastercard card-linking feature mirrors some of Apple Pay’s core features.
It’s already becoming clear where the next payments battleground is headed. And if the early signs are any indication, the real winners may be the consumers as competition intensifies.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
