Microsoft has announced plans to offer a tap to pay service and it's backed up these plans with state licenses to transmit money. Is Microsoft playing mobile payments catchup or will they provide a new solution that attracts the attention of consumers where Google and Apple have failed.
Not content to cede the realm of NFC-powered mobile payments to Apple and Google, Microsoft is in the midst of developing its own tap-to-pay service for Windows smartphones. Banking consultant Faisal Khan spotted an entry in the NMLS database that shows Idaho has given the Redmond-based company a license to transmit money. Obtaining those licenses in each state is among the key steps Microsoft has to take before it’s authorized to handle money transfers. It’s not stopping with Idaho, either. The company has applications for money transfer licenses in all 50 states, and has registered to operate in those states with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.