“There are many ways to look at a new product launch especially one as multifaceted as Apple Pay. Resident dismal economist David Evans says this latest mobile payments scheme is fizzling but has been roundly criticized for being impatient, not to mention cranky,” PYMNTS reports. “And maybe here’s the proof from a new report that says the folks in Cupertino have ‘the ability to significantly transform the mobile payment space.'”
“That’s the conclusion of ITG anyway. Their new Investment Research Report on Mobile Payments on Apple Pay is upbeat,” PYMNTS reports. “It found that Apple Pay was responsible for 1 percent of digital payment dollars in November 2013. Google Wallet by comparison accounted for 4 percent of digital payment dollars. The ITG report notes this and that Google has been in existence since 2011, whereas Apple Pay got up to 1 percent in less than a month.”
“ITG also notably found that 60 percent of new Apple Pay customers used the service on multiple days through November and that Apple Pay customers used the service roughly 1.4 times per week. Apple’s mobile customers also liked to reuse the service, roughly two-thirds of the time they returned and reused the service after one success with a merchant,” PYMNTS reports. “The report that Apple Pay’s strong early momentum could pose a particularly strong threat to dominant online payments player PayPal…”
Read more in the full article here.
Related articles:
Self-interested retailers continue to fight against Apple Pay and, ultimately, their own customers – December 24, 2014
Apple Pay has strong momentum; took 1% of digital payments in November – December 20, 2014
What Apple Pay means to Bank of America: Security – November 6, 2014
Apple Pay is nirvana for (smart) retailers – November 6, 2014
Entrepreneur warns retailers, restaurants, bars: Do not wait, jump on the Apple Pay bandwagon ASAP – November 5, 2014
Apple Pay fuels usage of long-moribund Google Wallet – November 5, 2014
After CVS and Rite Aid blocked Apple Pay, Schubert law firm launches antitrust investigation – November 4, 2014
Sorry, Walmart, CVS, Rite-Aid et al. — Apple Pay and NFC have already won – November 4, 2014
What with Thanksgiving in November, and Christmas along with New Years only five days later in December, I think many businesses may have been a tad too busy to even think about it.
But I imagine many businesses will be remembering Sony, and Target, and so forth, thinking about the great security that Apple is offering.
saw a Bank of America television ad last night declaring the most wonderful thing, the BoA and Apple Pay alliance. the BoA ceo produced a little bit of vibhuti. 😆
Chase Bank also has an Apple Pay ad. US Bank has a big Apple Pay display in the lobbies of their banks. Citi is advertising it on the front page of their credit card website. Banks really, really want this to succeed, and so they’re pushing it hard, which really must grind the gears of MCX and the CurrentC crowd.
——RM
Fingerprint verification is the holy grail for credit card processing. Fraud is their #1 problem. If, before Touch ID existed, you had come up with a way to get people to happily verify with their fingerprint you could have sold that to them for more money than you could count.
It makes sense that the CC companies are pushing Apple Pay – Apple’s approach supports credit cards. CurrentC is an attempt to cut out the CC companies and their fees in favor of lower cost debit transactions. Not only that, but Apple is indemnifying the CC companies for CC fraud, which means even less risk for an already highly profitable group of companies.
“in November 2013″… wow, Apple Pay can time travel! Impressive indeed!
I used Apple Pay three times today, with only success at McDonalds. Best Buy acted as if it was going to work, machine sounded a noise, then received a message on their screen. something like not set up to work. Academy Sports had the same results as Best Buy.
Same problem at Meijer today. Used Commerce Bank debit card, which is supposed to work. Looked like it was going to work, and gave me a check mark after touch ID, then got an error message that payment method not recognized or some such error….
Bestbuy is part of MCX, it’s never worked there. (or at least never should have worked there)
http://boycott-mcx.com/index.php
Yet, the so called IT/IS staff at these BestBuy, et al. are still getting paid? how hard can it be?
Perhaps an implementation committee should formed within these corporations to include representatives from finance and human resources.
maybe they should advertise it.
Google pay has definitely fizzled. If you can call it that. It was more like a high pitched farty noise.