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.
Apple Pay vice president Jennifer Bailey revealed at the Code Conference that Apple Pay is now accepted by 35 percent of merchants in the US.
Expanding Apple Pay’s Reach
Apple is looking to increase the adoption of Apple Pay with both banks and retailers. The company recently launched some exclusive holiday offers for using Apple Pay, which is part of their strategy to encourage more users to adopt the payment system. These offers often include discounts, cashback, and other incentives that make using Apple Pay more attractive to consumers.
The payment system works very well. I have been using it since its debut in the UK and use it on a regular basis. It is considerably faster than using the chip and pin and also faster than using your card as a contactless payment. Plus, you get a record of what you have spent, which is very convenient for tracking your expenses.
Benefits and Security of Apple Pay
One of the key benefits of Apple Pay is its security features. When you make a purchase, Apple Pay uses a device-specific number and unique transaction code. This means that your card number is never stored on your device or on Apple servers, and when you pay, your card numbers are never shared by Apple with merchants. This makes it a very secure way to pay.
Additionally, Apple Pay requires you to authenticate each transaction using Face ID, Touch ID, or your passcode. This adds an extra layer of security compared to traditional payment methods. For example, if someone were to steal your physical credit card, they could potentially use it without any additional verification. However, with Apple Pay, even if someone were to steal your phone, they would still need to bypass your biometric security or passcode to make a payment.
Apple Pay is also expanding its reach beyond just physical stores. Many online retailers and apps now accept Apple Pay, making it easier than ever to make purchases with just a tap. This is particularly useful for mobile shopping, where entering card details can be cumbersome and time-consuming.
Moreover, Apple Pay is not just limited to the US and UK. It is available in many countries around the world, including Canada, Australia, China, and various European countries. This global reach makes it a versatile payment option for travelers who want to avoid the hassle of carrying multiple currencies or dealing with foreign transaction fees.
Another interesting development is the integration of Apple Pay with public transportation systems in various cities. For instance, in London, you can use Apple Pay to tap in and out of the Tube, buses, and trains, making your commute smoother and more convenient. Similar integrations are being rolled out in cities like New York, Tokyo, and Beijing.
Apple is also working on partnerships with more financial institutions to support Apple Pay. This includes not just traditional banks but also digital banks and fintech companies. These partnerships are crucial for increasing the adoption of Apple Pay, as they make it easier for more people to link their accounts and start using the service.
In conclusion, Apple Pay has come a long way since its launch in 2014. With 35 percent of US merchants now accepting it, and its expanding global reach, Apple Pay is well on its way to becoming a mainstream payment method. Its speed, convenience, and security features make it an attractive option for both consumers and merchants. As Apple continues to innovate and expand its partnerships, we can expect to see even more widespread adoption of Apple Pay in the coming years.
Source MacRumors
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
