“Apple Pay may be a small part of the tech giant’s portfolio, but since launching in October, it has quickly become the biggest driver of mobile payments for its partners, Robert Baird’s senior research analyst told CNBC on Friday,” Tom DiChristopher reports for CNBC.
“Apple’s cashless transactions service now accounts for two-thirds of all U.S. mobile payments, Baird analyst Will Power said. Whole Foods has seen smartphone transactions surge 400 percent since it integrated Apple Pay, and Apple now accounts for 80 percent of mobile payments at Panera,” DiChristopher reports. “‘There are still a limited number of vendors that are supporting it, but our expectation is that’s going to continue to grow just given the early success the early vendors are having with it,’ Power said in a ‘Squawk Box’ interview.”
DiChristopher reports, “Its success thus far is also a sign that Apple continues to out-innovate its competitors, he said, noting that Google has not introduced a mobile payment process into its Android operating system in any successful way.”
Read more in the full article here.
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