“Contactless payment methods like Apple Pay will rise sharply in the United States, from less than 2 percent of transactions this year to 34 percent by 2022, according to a new report shared by research firm Juniper Research,” Joe Rossignol reports for MacRumors.
“Juniper Research argued that customer dissatisfaction at the slower speeds of chip card transactions, like chip-and-signature or chip-and-PIN, will further increase the adoption of smartphone-based payments, an area currently dominated by Apple Pay,” Rossignol reports. “Apple CEO Tim Cook recently confirmed Apple Pay momentum is ‘strongest in international markets,’ where he said the infrastructure for mobile payments has developed faster than in the United States.”
Rossignol reports, “Cook added that three out of four Apple Pay transactions happen outside of the U.S., where the service first launched in October 2014.”
Read more in the full article here.
MacDailyNews Take: Just yesterday, we stood in line for at least 5 minutes while some lady paid for her groceries by writing out a check (in 2017!) and then the next guy sat there for at least two minutes trying to insert his chipped card, getting it to read, and waiting for verification. We used Apple Pay and the whole transaction took seconds – a split-second for Apple Pay and the rest of the time waiting for the cash register to print out the receipt. The rest of the people in line noticed the differences in time wasted vs. time saved (for everyone). That sort of experience repeated over and over across the country will lead to increased Apple Pay usage.