Apple has Apple Pay, Google has Google Wallet and they have since acquired Softcard as well, which means that two of the major smartphone platforms offer their own mobile payments service, so could Microsoft be next? It certainly seems that way thanks to a recent sighting by banking consultant Faisal Khan who reported that the company had recently gotten regulatory approval for the license to transmit money.
We should note that Microsoft will need to obtain licenses in each state if they hope to launch a mobile payments service, unless of course they plan to skip a state or two which seems highly unlikely. The first state that has given approval is in Idaho and we expect Microsoft to continue applying for licenses around the country. Basically this license gives Microsoft the authorization to handle money transfers, like those done in mobile payments services.
Interestingly enough it seems that this is something that Microsoft could have potentially have had in the works for a while, but could this mean we can expect a Microsoft mobile payments service to be launched in the near future? Perhaps, but it might not be anytime soon according to a statement Microsoft issued to the folks at GeekWire.
According to the spokesperson, “As a mobile-first, cloud-first company, Microsoft continues to evolve our offerings to meet the needs of both our commercial customers and consumers. Becoming a money service business gives us the flexibility to provide new, innovative cloud services to our customers but we do not have any product announcements at this time.”
That being said prior to this, Microsoft’s Windows Phone platform was capable of making mobile payments through Softcard, but since the service has been acquired by Google it has been shut down, not to mention we reckon Microsoft would much rather rely on their own service than that of a third-party.
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