“Apple Pay should get a major lift within the next five years from a pair of factors, according to new research, most notably contactless support demanded by credit card giants Visa and Mastercard,” Roger Fingas reports for AppleInsider.
“By 2020, both companies will require payment terminals in many markets to offer the technology, Juniper Research noted. The lack of compatible sales terminals has been a consistent obstacle in U.S. Apple Pay adoption, such that some retailers,” Fingas reports, “have promised support for years without delivering.”
“U.S. contactless payments at retail are forecast to rise from 2 percent this year to 34 percent by 2022, Juniper said,” Fingas reports. “Globally, figures are predicted to rise from 15 percent to 53 percent, reflecting the technology’s greater popularity in countries like Poland, Japan, and the U.K.”
Read more in the full article here.
MacDailyNews Take: Simply for the convenience and speed, we use Apple Pay whenever and wherever it’s available.
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Apple Pay usage estimated to rise sharply in United States due to frustration with slow Chip-and-PIN cards – August 21, 2017
This is a very smart play by Visa and MasterCard. At the end of the day, most contactless transactions are backed by credit cards, and those companies should be open to any solution that increases their volume/fees and gives consumers more payment options. Unlike those idiots who backed CurrentC…
So stupid that as a business I’m now going to have to spend more money as my current terminal won’t work. I know lots of small businesses around here still swipe cards they can’t use chips as the chip reader is to expensive.
I refuse swiping. You lost my business.
Not stupid…it is simply a cost of doing business. If you want to accept credit card payments, then you need to support a more secure standard with chipped cards. In addition, you will then be able to support contactless payments, as well.
I am sorry that the equipment is so expensive. It really should not be that expensive. Perhaps small businesses can band together to achieve better pricing power through volume – order 1000 or 10,000 units rather than piecemeal.
Something like GroupOn or LivingSocial for businesses. 😛
maybe those small businesses you refer to should only accept cash, that would save you lots of money and they would increase profits!
Apply Pay rocketing up because PEOPLE HATE THE CHIP AND PIN terminal cluster fsck that is mandated now….
Apple Pay worked at Home Depot when it came out and then they turned it off.
Yesterday, I was getting my car smog checked. I gave the mechanic my card and he touched to the payment console to activate the payment. Never seen that before.
Passive RFID/NFC reader for the chip in your card?
I don’t know if it’s the same in the US, but new credit or debit cards in the UK bear a symbol with four propagating ripples
When a customer passes such a card to the retailer, they usually notice the symbol and know it’s a contactless card and usually ask if it’s OK to pay contactless.
A lot of customers used to be surprised that it was possible, but most people have got used to it very quickly because it’s so convenient.
Wherever contactless works around here, Apple Pay works too, so it’s almost universal.