Tim Cook, Apple's Chief Executive Officer, has recently revealed that in the first three days of the launch of Apple Pay, more than 1 million credit cards have already been registered with the company's mobile payment system.
Cook further stated that his company has received word from MasterCard and Visa that Apple Pay is already the number one mobile payment platform in just the first 72 hours of being launched, easily beating other competing mobile payment systems out there.
Apple Pay, the mobile payment system that Apple developed, was recently launched last October 20th in the United States to a number of retailers and establishments, including McDonald's, Subway, Macy's, and Walgreens, just to name a few. According to some estimates, Apple Pay debuted in over 220,000 locations in the US. Still, this number does not include other big retailers like Wal-Mart, Sears, and K Mart.
But it is not all rosy for Apple Pay. Over the weekend, retailers Rite Aid and CVS stopped using Apple Pay after initially supporting the mobile payment system. It turns out that both retailers are part of a consortium named the Merchant Consumer Exchange (MCX) that is developing their own mobile payment system called CurrentC. Reportedly, it is still in development phase and might be launched sometime in 2015 next year.
Still, the fact that already over a million credit cards have been registered with Apple Pay is pretty indicative of Apple's reach and popularity. To date, the company has sold more than 40 million units of its new flagship smartphones, the iPhone 6 and the iPhone 6 Plus, and industry experts believe that about 10 million of those iPhones are already Appe Pay compatible.
Putting aside the notion that Apple Pay is working with the six largest credit card companies in the US, to have registered this many in a span of 72 hours clearly suggests that American consumers are willing to try and use the new mobile payment system. Plus, early feedback of the system from retailers and from the customers themselves is really positive.
Apple Pay is far from being widely accepted yet. But it certainly has the potential. Its advantage is that it is relatively quick for retailers and establishments to adapt. It is also easy to use for both users and vendors. And it is safe, maybe even more secure than using a credit card -- that is because with Apple Pay, the credit card information is not actually stored on your iPhone. Plus, security is aided with the use of Touch ID technology. Users personally authenticate each transaction using their own fingerprints, which makes the system convenient, easy, safe, and personal.
For now, it may be too early to tell how big an impact Apple Pay will make on the world of commerce in the US and in the world. But with 1 million credit cards registered in just the first three days, Apple surely has plenty to smile about.
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