Apple’s mobile payment service Apple Pay is quietly dominating a $ 2 trillion industry, proving that patience is a competitive advantage for companies that know how to handle it.
Over 75% of iPhones now have Apple Pay activated with at least one form of payment, and 90% of all US stores accept the contactless payment method.
Jason Aten for Inc .:
Come to think of it, Apple Pay almost succeeded in making branding’s most coveted feat – it’s basically synonymous with contactless payments. I’ve never heard anyone ask “Do you accept Google Pay or Samsung Pay?” It’s possible that neither service is using either, but I think people are more likely to just think about each time they connect their phone to a card reader like Apple Pay.
To listen [Apple CEO Tim] Cook, speaking of the success of Apple Pay, pointed out that “the growth of Apple Pay has been simply astounding. It was absolutely stunning.
More importantly, however, he suggested he still had a lot of room to grow because “there is still a lot of money in the environment.” To be more precise, cash is used for around 20% of all transactions, although it is down from 26% in 2019.
It’s not hard to see why Apple is patiently pursuing Apple Pay’s dominance. Some analysts estimate that contactless payments are worth nearly $ 2 trillion. It’s real money, and Apple didn’t become the world’s most valuable company by ignoring such opportunities. It also makes the iPhone even more valuable, which is priceless.
MacDailyNews takes: Apple proves, once again, that patience is a virtue.
No one in their right mind expects this to happen overnight. Inexorably, Apple Pay will grow around the world. – MacDailyNews, June 2, 2016
Help us support MacDailyNews. Click or tap here to support ours independent technology blog. Thank you!
Buy the Apple Store on Amazon.