Apple Pay was launched a while back and was Apple’s way of introducing mobile payments to its customers. It seemed like a good idea where you could use devices like your iPhone and Apple Watch to make payments at places that accepted it. However, while a good idea in theory, in practice it seems that not many people are on board with it.This is according to a report from CNBC in which it was revealed that Apple Pay adoption in the US is only at 9%. This is considerably lower compared to other payment services like PayPal which is at 44%. Credit cards also appear to be the most preferred method of payment in the US where it is sitting at 80% adoption, followed by cash at 79%.
It has been pointed out that part of the reason behind the lagging of mobile payments is that it might not always be as convenient compared to using a credit card. Users would have to take out their phones, unlock it, and launch the app. This is versus using a credit card where you just need to take it out, swipe it against the machine, and you’re set.
According to some analysts, price is a reason behind the reluctance to adopt. Peter Gordon, CEO of PRMPayments says, “It’s not the consumer mobile experience — they’ve done a pretty good job. It’s acceptance, meaning the merchant has to sign up for it. It’s expensive.”