Apple’s mobile payment service, Apple Pay, proves that patience is a competitive advantage for companies that know how to handle it.
Ben Cohen for the Wall Street Journal:
Patience often sounds like a bad word to our tech lords – Steve Jobs wasn’t exactly Job – but only time can break some habits of human behavior. Trillions of dollars in market cap buy that kind of time. Not all companies have the luxury of playing for long, but it was an indulgence that the richest company in the world could afford.
The percentage of iPhones with Apple Pay activated was 10% in 2016 and 20% in 2017, according to research by Loup Ventures, as most people seemed perfectly satisfied with their plastic cards and leather wallets. Adoption nearly doubled again in 2018. It hit 50% by 2020. It is now around 75% and nearing ubiquity.
The company says 90% of retailers in the US now use Apple Pay. The number that accepted contactless payments when the service was introduced was 3%.
Apple Pay is also the best payment app for teens, according to investment firm Piper Sandler. As teenagers and cities go, so does the nation.
MacDailyNews takes: 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
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