Venmo, Starbucks, Google – when big names are conflicted about wallets and payments, you know the marketplace is tense. Check out a few of the winners and losers this week:
TOP READ: Venmo’s Success May Be Hurting PayPal
What happens when one blockbuster brand owns another? Ask Paypal, the company that owns Venmo. Venmo is going gangbusters, processing $17.6 billion in transactions in 2016. It has seen 100 percent growth every quarter for 14 consecutive quarters. That’s good news for Paypal, unless Venmo’s popularity is cannibalizing Paypal’s business. Ah, kids.
Say Goodbye to Coin, the “Card” that Replaced Other Cards
Does anyone remember the video promoting Coin, a mobile payment alternative that combined multiple card accounts onto a single “card?” Those of us who wondered then whether anyone needed such a thing are now officially vindicated: Coin has announced it is no longer manufacturing, promoting or selling any devices or products.
Starbucks Discovers What Happens When Mobile Works Too Well
People love the Starbucks mobile app. In fact, they may love it a little too much. Mobile ordering has become so popular at Starbucks that it’s creating a logjam in stores. Though most would argue that too much popularity is a good problem to have, Starbucks is having to rejigger operations or risk losing business.
Will Target’s Mobile Payments Pay Off with Millennials?
Target isn’t the first retailer to roll out its own mobile payments app. How will theirs stack up, particularly with Millennials? “If Target can build a payment system that makes redeeming offers and checkout easier, there’s a good chance it will get serious adoption rates,” said eMarketer Analyst Yory Wurmser.
Google to Drop Hands Free Mobile Payments App
Mobile Payments Today
“Google is ending the pilot for Hands Free, a product that combines a standalone app and Bluetooth technology to allow users to make and confirm purchases at participating retailers, according to multiple media reports.”