US Forbes reported even though Apple Pay began in a slow growth, there is still great potential to replace most of the functions of traditional wallet.
If you think Apple Pay failed from the current reports, you might be wrong. It is too early to judge its growth at present. It is true that not many retail stores support Apple Pay. There will be great change for this situtaion in a year. Tim Cook consider 2015 is the year of Apple Pay. There are 6 reasons indicate this service will make unexpected achievement in the following years.
1. Apple firm confirms its leading position. Mobile Wallet might be still a new industry. According to the figures from Crone Consulting company, Apple Pay accounts for three quarters of its payment share.
2. More and more merchants joined Apple Pay service. The major banks in US announced to support Apple Pay transactions. From October 1st, retailers will be repsonsible for credit card fraud for not accepting new pattern chip card. Those terminals accept for chip card payment will also support Apple Pay. There are still 73% of US retailers did not change their payment terminals. It is time for them to consider on this subject.
3. Chip card takes much time. The new chip card and signature card transactions take much time than Magnetic card which provides Apple Pay and other Payment terms more space to grow.
4. The habit of payment patterns have changed. Thanks to the popularity of Starbucks’ and Uber’s application of mobile wallet, more and more people realize to pay with mobile devices. Apple’s initial goal is to popularize Apple Pay in fast food restaurants and retail stores to develop the customers’ payment habit with mobile wallet.
5. Small enterprises gradually catch up this new service. Most of the large-scaled enterprises accept Apple Pay, while some small enterprises failed to install this device due to the expensive cost. Apple will pay more attention to such enterprises, adding 80,000 medium-size and small entperirses each month into the Apple Pay list.
6. Loyalty Card is the key to succeed. Apple offers convenience to retailers since June so that they could install Loyalty Card into Apple Pay. It also has other measures to encourage consumers to use Apple Pay. Apple also imports Startbucks Loyalty Card this week.
It may take a few years to pupularize Apple Pay. We are confident that it won’t take much long time for mobile payment to replace mostly traditional payment.
