Chevron Corporation (CVX) To Expand Apple Pay To The Pump

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Citigroup Apple Pay

Citigroup Apple Pay

Chevron Corporation (NYSE:CVX) intends to expand support for Apple Pay to the pump in the coming year. However, the company didn’t update on a specific timeline for the planned expansion of the mobile payment service. Apple Pay is a secure mobile payment solution from Apple Inc. (NASDAQ:AAPL). It allows customers to pay for purchases through their iPhone or Apple Watch device.

Beyond store support

Currently, Chevron Corporation (NYSE:CVX) only supports Apple Pay inside its convenience stores. However, the planned expansion of the service will allow drivers to refill and pay for the gas pump through either iPhone 6 or iPhone 6 Plus, which are the devices that currently support the service. Apple Pay will also be available on Apple Watch that is expected to come to the market early 2015.

Chevron is one of the early adopters of Apple Pay, and it is also currently the only gas company that is listed as an official partner of Apple Pay. The service launched last October, and it is supported by some of the major banks and retailers in the country. Apple Pay uses NFC technology that ensures advanced protection for both buyers and vendors that use it in their stores.

Apple Pay global expansion

Besides efforts to expand Apple Pay service among vendors and financial institutions in the U.S., Apple Inc. (NASDAQ:AAPL) is also interested in taking the service globally. There were reports that Apple was in talks with Alibaba Group Holding Ltd (NYSE:BABA) to take Apple Pay to China. Alibaba already has its payment service known as Alipay, and Apple Pay is expected to expand its payment options in China. Additionally, there are also reports that Apple is currently in talks with the U.K. banks to launch Apple Pay in the country.

Looking at the chatters around Apple Pay, it seems 2015 is going to be a year of major advances in the rollout of the service. There are also efforts to bring Apple Pay to the older iPhone devices such as iPhone 5S and 5C. Such is expected to create more revenue stream for Apple.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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