Apple Pay Locations Hit 2 Million Mark: Report
Apple Pay has reportedly been accepted at 2 million locations around the world. Bloomberg reported that Apple Pay’s in-app purchase volume more than doubled in the last six months of 2015, compared to the first six months of the year. While the number of users has not been revealed, Apple confirmed that shoppers are increasingly using Apple Pay when paying for purchases made through mobile apps.
Apple Pay launched last year with the iPhone 6 and iPhone 6 Plus in the US, is a major milestone in the evolution of mobile payments. According to Apple CEO Tim Cook, Apple only ventures into areas where it can control the primary technology, and see much growth potential in the payment industry.
Some of the major financial institutions such as HSBC, Lloyds and Halifax have already introduced the digital wallet and incorporated it in its support systems last year. And, the Financial institutions such as TSB Bank plc and Tesco Bank have also introduced support system for using Apple Pay, where the customers can already tune their iPads or iPhones to use in payment for purchasing goods offline or online.
Furthermore, Au Bon Pain, Chick-fil-A, Create & Barrel, and Zappos are among the latest to get on board with Apple’s wireless mobile payment system, and more are on the way. According to several reports, a number of enterprises have shifted their POS terminals to EMV technologies to reap the benefits of Apple Pay in the payment process. Field trials worldwide have also indicated that Apple Pay transactions are adding value to the consumer in terms of convenience and security of their financial data.
Recently UK-based Barclays, a global banking and financial services company, has confirmed that it will soon be using Apple Pay. Since its launch in the UK last year in July, as many as 15 partnered with the tech giant. In an email statement to customer made public by Oli Foster-Burnell, a member of Barclay’s staff “We will launch Apple Pay, as committed, within the next 60 to 75 days”. This would mean that Barclays’ adoption of Apple Pay will take place by 10 April this year.
Recently, Big Market Research in its report titled “Insight Report: The Future of Apple Pay” stated that Apple’s current business model follows a cooperative approach, with almost all major card networks, issuers and acquirers supporting the launch of Apple Pay. EMV migration in the US plays a pivotal role in Apple Pay’s adoption. Merchants are in the process of upgrading their POS terminals to EMV, which in most cases will also comprise NFC hardware (NFC-capable terminals).
However, the report also said that Apple could face a challenge in terms of allocation of merchant service charges with other payment participants, especially as regulators across the world cap interchange fees. Timetric’s primary research has identified different points of view regarding the expansion of Apple Pay beyond the US. Some industry experts argue that low interchange fees outside the US, especially in Europe, will discourage Apple from entering these markets, while others stress that Apple is not expecting substantial profits from Apple Pay; the solution is mainly intended to decrease the commoditization of Apple’s products.
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