Apple CEO calls 2015 ‘the year of Apple Pay’
There are more than 200,000 locations that accept Apple Pay including major retailers such as McDonald’s (MCD) and Walgreens (WAG).
Feb. 18 2015, Updated 3:33 p.m. ET
Apple sees faster adoption of Apple Pay service
Apple (AAPL) introduced the Apple Pay mobile payment system a few months ago. The system involves placing a finger on the Touch ID of an iPhone to authenticate transactions. During Apple’s 1Q15 earnings call, management sounded very optimistic about the prospects of Apple Pay. CEO Tim Cook even called 2015 “the year of Apple Pay.”
The company affirmed that the adoption of Apple Pay by merchants and retailers in the US is increasing at an exponential rate. Management pointed to Panera Bread as an example, where Apple Pay now represents 80% of mobile payment transactions. Also, since the launch of Apple Pay at Whole Foods Market (WFM), mobile payments have increased by 400%.
Apple Pay service finds many adopters
There are more than 200,000 locations that accept Apple Pay including major retailers such as McDonald’s (MCD) and Walgreens (WAG). Vending machines, airports, schools, and payment kiosks are just a few of the locations where Apple Pay is available.
Management didn’t hesitate to mention that its partners and customers are loving this service.
Clearly, Apple is looking to leverage the fast-growth potential of the mobile payments market. According to a report from eMarketer, and as the chart below shows, mobile payment transactions in the US have more than doubled in just a year’s time—from $1.6 billion in 2013 to $3.5 billion in 2014. The report expects that this market will continue to grow at a healthy rate.
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