A few months ago Apple launched Apple Pay, the Cupertino company’s take on mobile payments. We guess one could say Apple is a bit late to the game given that other companies have already launched similar services, but we guess it’s thanks to the Apple marketing machine that has allowed Apple Pay to become mainstream news.
So how popular is Apple Pay? Well according to a recent report from research firm ITG, they are suggesting that Apple Pay accounts for 1% of all digital payments. While 1% isn’t a lot, we should point out that there are plenty of other digital payment options out there. Also to put it into perspective, Google Wallet which was launched a few years ago currently accounts for 4% of digital payments.
This means that at the rate Apple Pay is being adopted by consumers and retailers, there is a good chance that Apple could eventually overtake Google and other mobile payment services in due time, assuming of course they are able to maintain this momentum. PayPal still remains the dominant force in mobile payments, naturally, especially given their integration with eBay.
ITG’s report doesn’t come as a complete surprise as just last month, we heard that Apple Pay accounted for 1% of Whole Foods’ transactions. The rate at which Apple Pay was adopted – 1 million activations in 72 hours – probably helped contribute to their growth. Even McDonald’s had reported that Apple Pay actually accounts for a whopping 50% of their tap-to-pay transactions, but what say you? Are you a happy Apple Pay user?
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