“In the roughly four years since Apple launched its mobile payments service, Apple Pay, the company has managed to convince just about every major bank and retailer to let customers use their bank accounts to pay for things quickly through iPhones and Apple Watches,” Mike Murphy writes for Quartz. “Apple announced that it has also signed up Taco Bell and Target… meaning that 74 of the top 100 US retailers by revenue now accept Apple’s digital payment. The company added pharmacy chain CVS, along with 7-Eleven, late last year. They joined other major US retailers that include Best Buy, Starbucks, McDonald’s, Walgreens, Costco, and Kohl’s. (Some of the biggest holdouts: Walmart and Home Depot.)”
“While there’s no way of knowing exactly how popular Apple Pay is with consumers—the company doesn’t break out user numbers or revenue it receives from those transactions—the ever-increasing number of retailers using the service suggests it’s growing in popularity,” Murphy writes. “Apple Pay is also taking off outside the US, where regions like Europe and Japan have more widespread adoptions of contactless payments.”
“During Apple’s last earnings call, CEO Tim Cook said the company set a revenue record for Apple Pay in the last quarter, adding: ‘Apple Pay is… by far, the #1 mobile contactless payment service worldwide. Transaction volume tripled year-over-year, and to put that into perspective, Apple Pay generated significantly more transactions than even PayPal mobile with over 4x the growth rate,'” Murphy writes. “In PayPal’s most recent earnings release, the company stated that 40% of its 2.5 billion payment transactions for the quarter were done over mobile, which means that Apple is seeing over 1 billion Apple Pay transactions each quarter, and that number is growing rapidly.”
Read more in the full article here.
MacDailyNews Take: It’s been seemingly taking forever, but the tortoise wins the race!
SEE ALSO:
Apple Pay picks up new bank partners across Australia, Canada, New Zealand and the U.S. – January 22, 2019
Apple Pay coming to Target, Taco Bell and more top US retail locations – January 22, 2019
Apple solves decades-old problem as TD Ameritrade taps Apple Pay for instant fund transfers to accounts – January 15, 2019
Credit Suisse to use Apple Business Chat for rich Asian clients – October 2, 2018
DISH adds Apple Business Chat, allowing customers to connect with Messages on iPhone and iPad – July 20, 2018
Apple’s new Business Chat in iOS 11.3 is a huge deal – January 24, 2018
With Apple’s Business Chat, users can schedule appointments and process payments in iMessage – June 12, 2017
Look up one day Apple Watch, Apple Pay, all over and very profitable.
Starbucks doesn’t accept Apple Pay for direct purchases, it only allows its use for adding value to Starbucks cards.
Starbucks does accept ApplePay, I pay every time with my watch, you just say credit card and then put the device next to the terminal!
That is true but that transaction does not work with the rewards program. You need to add funds to your Starbucks card using Apple Pay to get rewards.
It does work. Wake up.
The problem is that the US is just leaving the Stone Age of banking and payment. Europe is much ahead. The interesting thing ist that it took Europe a lot longer to introduce Apple Pay and still not many banks support it but when you have it, you can pay almost everywhere with it because contactless payment has been in use for years. I made more Apple Pay transactions in Switzerland within two weeks than I have made in the US within one year.
My ID is digital, my credit card is digital. When I go out, I seldom need my wallet as you can use Apple Pay everywhere in Australia.
All that remains is for Apple to stop dragging their feet on opening NFC to allow more transit cards into Wallet and to let people add digital door fobs!
I have only seen its real-world use a few times when I lived in California. I do business IRL with Square, and oddly, people’s preferred payment method still seems to be cash. I really think people need to get out of the bubbles of massive coastal cities if they are going to write pieces like this.
First place I saw that used Apple Pay was a small Mennonite bakery in Mississippi boondocks. This was as soon as it was available. That says a lot about how far Apple Pay is known.
It is almost everywhere we need it to be. We use it at my Vet’s office, the pet store, the vape store, gas stations (all of the ones we go to), health food stores, Home Depot (Debit only, for some reason), and numerous restaurants we go to. It is at one grocery store that I refuse to step foot into, but sadly, not the one we use all the time. The only other grocery store, where it is accepted is about 15 miles away. Now that it is opening up at Target, that leaves WalMart as the only other place we shop that does not have it.
Kinda hate when I have to pull out the plastic, because the merchant still hasn’t gotten on the AP bandwagon. So archaic, chip/swipe cards and all…..