Apple Pay just got another headache – more potential competition.
Microsoft (MSFT) – suddenly a nimbler technology player under the leadership of CEO Satya Nadella and after turning 40 this weekend – has applied for state money transfer licenses, according to Faisal Khan at banking and payment consulting firm Faisal Khan. Idaho is the first state to issue Microsoft a license, Khan says.
The moves indicate that Microsoft is seriously looking to add money transfer services to Windows, says WMPoweruser.com.
So far, Apple (AAPL) has only had to deal with Google’s Wallet as competition for digital payments. The carriers made a run at the mobile payment space with their Softcard app – which was even promoted prominently at McDonald’s locations. But Softcard was unceremoniously killed after Google bought key parts of the company.
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Even with little competition, Apple Pay has failed to set the world on fire. So far, two-thirds of Apple Pay users have said they ran into problems using the service, according to Phoenix Marketing. Savvy investors have long known Apple Pay wasn’t going to be the instant hit the Apple fanboys would have expected.
Shares of Microsoft are up $1.15, or 2.9%, to $41.44. Apple is up $1.98, or 1.6%, to $127.29.
Date: April 6, 2015