Apple Pay Now Accepted at Over 35% Of Retailers Across US
According to Jennifer Bailey, chief of Apple Pay, the in-house mobile payments system is being used and accepted at more than 35% of the retailers all over the United States. Bailey has also predicted massive growth for Apple Pay next year.
According to The Verge‘s report, when Apple Pay launched back in 2014 only 2 percent of merchants in the US accepted the mobile payment system; this has changed significantly in the last two years.
Bailey was speaking at Re/code’s Code Commerce Conference being held in San Francisco, when she said that currently Apple Pay stands at around 35% adoption rate in the country. As 2017 rolls in, however, that will figure rise exponentially. 35 percent adoption means around four million retail locations all over US, but that figure could rise to cover two out of every three retail locations in the near future.
So far, NFC payments and the “dip to pay” method has been the way to go for Apple Pay. But especially after the launch of Apple Pay in Japan and the application of EMV technology, that trend could be shifting.
Bailey has, however, reiterated that EMV is not necessarily the way forward for now, and it is more important right now that a number of partners are supported for mobile payments. “Knocking EMV is not necessarily the way to go,” Bailey says, “I think it’s to increase acceptance and work with great partners.”
While EMV is increasingly becoming a major rival for Apple Pay, the Cupertino company is simply looking to strengthen its foundations so that it can continue its rise in the world of wireless payment methods.
2016 was a huge year for Apple Pay in Canada. We saw big Canadian banks RBC, TD, BMO, CIBC and Scotiabank all adopt Apple Pay in the spring (and ATB), to join American Express. Later on we saw PC Financial, Tangerine get on the Apple Pay train as well. MBNA Canada plans to adopt Apple Pay in “mid-2017”.
Canada’s largest credit card processor, Moneris, said in the spring 25% of their transactions were already through contactless cards or wireless devices, at their 350,000 merchant partner locations.