Apple Pay may already be bigger than everyone thought.
It has only been roughly two months, but it appears that Apple's mobile payment system is growing faster than expected. As told by the company to the New York Times, Apple Pay now works with bank cards that make up 90 percent of all purchasing transactions in the United States. That is quite an achievement, considering that the mobile payment system is only available on two devices for now.
But first, let us clarify some points. It does not mean that Apple Pay is being used for 90 percent of all purchases. On the contrary, it means that Apple Pay supports the bank cards that account for $90 of every $100 spent. That is hardly global domination (yet), but when you consider Apple Pay's performance to other mobile payment systems (like Softcard or Google Wallet), Apple's system is clearly head and shoulders above the competition.
Apple's claim to the New York Times does not necessarily offer raw numbers on just how many people are using Apple Pay, or how much. But some data provided by retailers might give us some idea.
In the first few weeks of Apple Pay's availability, Whole Foods processed around 150,000 transactions that were done using the mobile payment system. Fast food giant McDonald's reports that half of all tap-to-pay transactions done at their US branches are completed with the use of Apple Pay.
No doubt, these sound very impressive. But you have to remember that despite the increased awareness of Apple Pay and other similar systems, traditional payment methods like cash and other regular card-based transactions still vastly outnumber all mobile payment system transactions.
Still, Apple Pay deserves credit for being the most successful so far. And we are still just in the first two months. And more and more people are starting to use the system, even if they are just trying it out.
More importantly, the number of businesses and financial and banking institutions that support Apple Pay continues to grow. Establishments like Staples, Winn-Dixie, Albertson, and the Amway Center have all come on board, as dozens of new banks join in every week.
And Apple Pay is making an impact not just on the the users, the businesses, and the banks, but also on other players in the mobile industry as well. For instance, there are reports that Samsung may already be working on its own mobile payment platform. Others are sure to follow suit, which could only mean more mobile payment options for users everywhere in the near future. For now, Apple Pay is blazing the trail, and doing a very good job at it.
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