On April 6th, USA Today announced that Microsoft had received approval for its first money transmitter license on March 24th – from Idaho. Microsoft also said that this license was just the beginning. Plans to operate in all U.S. states were on the agenda. They also registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network as a “money transmitter and provider and seller of prepaid access,” reported PYMNTS.com.
These moves made waves in the payment community. PYMNTS.com not only announced these first steps, but also published another article discussing the potential for the software giant to survive – in general, not just with payments. The USA Today article went directly for the comparison with Apple, and PYMNTS.com reported that the company revealed several concepts for payment features: biometric authentication and an NFC “Tap to Pay” feature on the Windows 10 mobile phone platform, for example.
Since we’ve already known that Tech Crunch reported 2015 as “The Year of Mobile Payments,” this should only further support that notion. With more and more big-name technology companies jumping on board, the world of payments is no longer a game for only small start-ups and disruptors.
What do you think about Microsoft’s entrance into payments? Let us know in the comments.
Photo credit: Thomas8047