Apple Pay Already Hugely Popular at Participating Retailers after Only Three Weeks

by Istvan Fekete on November 17, 2014

Apple may have found the secret recipe for making a longtime dream of tech companies come true: people are ditching their wallets and paying for goods with their smartphone. This has happened in less than a month since the release of Apple Pay, the iPhone maker’s mobile payment platform.

Apple Pay comes at a time when tech companies have had recorded a couple of failed attempts to attract smartphone users into a world where they can leave their wallets at home and use their smart device to pay in stores.

Just to name some of the attempts, there were Google Wallet and Softcard, which failed to reach the critical mass to go mainstream.

With Apple Pay, however, something has changed: Whole Foods, a high-end grocery chain says it has processed more than 150,000 Apple Pay transactions – that’s about 0.91% of all transactions during the three-week period Apple’s mobile payment system has been available. McDonalds also joined Apple’s efforts and accepts Apple Pay at its 14,000 restaurants in the US: the company says Apple Pay accounted for 50% of its tap-to-pay transactions, while Walgreens says its mobile wallet payments had doubled since the platform has been available.

This doesn’t mean that Apple Pay is the dominant payment system: it’s just a clear sign that Apple has tapped into something.

So far, this US only, since Apple Pay is officially available only there. As of this morning, however, Apple announced that it is launching its mobile payment platform in China as well, with the help of a strong partner, UnionPay, the most popular payment card in China, although this seems to be currently limited to online payments.

“Apple today announced that the App Store has added UnionPay as a payment option for customers in China. China UnionPay is the most popular payment card in China and will provide App Store customers with a simple and more convenient way to purchase their favorite apps. Customers can easily link their Apple ID with a UnionPay debit or credit card for one-tap purchases.”

“The ability to buy apps and make purchases using UnionPay cards has been one of the most requested features from our customers in China,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “China is already our second largest market for app downloads, and now we’re providing users with an incredibly convenient way to purchase their favorite apps with just one-tap.”

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Written by: Istvan Fekete. Follow by: RSS, Twitter, Facebook, or YouTube.

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