“Apple Pay doubters question whether anyone will swipe their iPhone at a store checkout counter,” Brian Solomon reports for Forbes. “But as mobile shopping booms, Apple Pay is already showing huge returns for early adopters.”
“It’s a small sample size, with Apple Pay only out since late October, but so far iPhone owners with the service enabled are vastly more likely to make online purchases on their phones,” Solomon reports. “Take sports and concert ticket search app SeatGeek, whose sleek new checkout screen boasts a conversion rate up to 30%. With Apple Pay, that follow-through rate shoots up to 80%.”
“Crowdfunding site Indiegogo has seen similar results, according to CEO Slava Rubin. Conversion rates on users funding Indiegogo campaigns go up by 2.5 times when using Apple Pay for the transaction,” Solomon reports. “Mobile shopping apps are growing faster even than messaging and social apps as consumers get more comfortable buying on their phones — and as the experience gets easier. Fumbling to enter a credit card number into tiny tap targets turns off many potential customers. Apple Pay bakes that payment information into your phone, so purchases only require a quick fingerprint check.”
Read more in the full article here.