The tech giant has started pushing its Wallet. 2.0 app to Windows Insiders
It seems Microsoft is all set to make its mark in the mobile payment industry. Yesterday, the company announced a new mobile wallet app with NFC technology. The tech giant has partnered with Visa and MasterCard to offer contactless payment options to its users in US. According to company officials, the service is currently available only to users who are using Lumia 950, 950 XL and 650. The app is expected to be available to all users in the US by summer. It is yet unclear when the company plans to make it available to users across the globe.
Microsoft claims that the service supports eight major banks in the US and credit unions. Users can now use the mobile wallet app in almost 1 million retail stores. along with contactless payments, the app offers reward points to its users as well. The app is currently in beta stage and Windows 10 users can try it out. Other tech companies, such as Apple, Samsung and Google, compete against each other to offer mobile payment services to its users. It only seems fair if Microsoft joins the club.
The launch of the mobile wallet app may not help the tech giant gain an upper hand over its rival. The move shows Microsoft’s confidence in the Windows smartphone — despite seeing a significant drop in its market share. According to recent estimates of the market research firm, Gartner, Windows smartphone managed to muster only 0.7% market share in the global smartphone market last quarter.
“Wallets have joined the list of devices and tools that consumers now expect on their smartphones like cameras, music players and GPS,” said James Wester, a research director at the consulting firm IDC. According to another research firm, Juniper Research, mobile and wearable contactless payments all over the world are expected to reach $95 billion annually by 2018, which was less than $35 billion in 2015.