ApplePay is coming and it’s approaching fast!
It seems that bankers and technology executives are eager for deals in the payments industry as Apple, Google and Amazon compete to stay ahead of this fast growing and revolutionary new payment method. Currently, with an approximate 72 million Apple iPhone6 users alone, only an estimated 250,000 businesses are prepared and properly set up to accept contact-less payments like ApplePay and Google Wallet.
That’s a large gap and an even larger amount of missed transactions.
Early numbers indicate that ApplePay counts for two out of three contact-less payments on the US’s three largest card networks, says Apple CEO Tim Cook. He even went as far as to say that 2015 “will be the year of ApplePay.” With Google and Paypal racing to catch up, it looks like contact-less mobile payments will be the next step for businesses and their customers alike. “Folks know that mobile payments is where the world is going; they don’t want to be left behind.” says JPMorgan executive Rick Diamond, and it seems that he is right.
ApplePay has reportedly doubled transactions at Walgreen’s and accounted for 150,000 transactions at Whole Foods Market grocery stores, which equated to roughly one percent of all Whole Foods transactions. What does this mean for retailers? Early indications suggest that ApplePay provides easier payment services for consumers, which provides a greater opportunity for increased sales because of reduced waiting time in lines, higher customer satisfaction and higher consumer confidence in the security of those transactions due to ApplePay transactions being more secure compared to a traditional card based transaction.
This new direction for mobile payments is a great benefit for businesses across the United States and eventually, internationally as well. By being prepared to accept payment forms like ApplePay and Google Wallet, you’re staying ahead of the curve and providing a more secure and convenient payment method for you customers.
Check to see if your current payment service provider has a solution for ApplePay. If they don’t, find someone who does! You can explore you many different options for accepting contact-less payments at places like this:
Make sure your current Terminals support EMV/NFC and review your options for getting your business prepared for the next incredible advancement in payment service technology!