While some Apple Pay critics scoff at the low number of retailer locations available as its coming demise, others argue that writing off Apple Pay for its slow initial adoption misses the forest for the trees.
Mercator’s latest research note, Apple Pay at Six Months: A Medium-Term Outlook says early consumer surveys of iPhone users reveal that few users have both enabled a card on the app and gone ahead to make a purchase with it. Worse, few retailers seem to support Near Field Communication, or NFC, payments”just 700,000 locations according to Apple’s latest reckoning.
Apple Pay’s elimination of the inconvenience of entering card numbers to complete purchases on smartphones and tablets will hasten mobile’s growing dominance of the overall e-commerce pie, which continues to expand. Mercator says we will also see brick-and-mortar merchants creating new retail experiences that leverage Apple Pay in their native apps for a seamless payment experience.
Mercator’s report provides analysis of key trends showing mobile’s growing dominance of the e-commerce pie, and how it is blurring the line with in-store commerce; summary of key data points from recent consumer surveys on use of Apple Pay and what they mean for its future adoption; identification of key variables that will drive the adoption of Apple Pay as a payment method of choice among iPhone users at the point of sale; and a forecast until 2020 for number of Apple Pay capable iPhones, total card commerce volume associated with users of those devices, and projected Apple Pay volume based on a probabilistic model.
For more information: https://www.mercatoradvisorygroup.com/Notes/Apple_Pay_at_Six_Months__A_Medium-Term_Outlook/
For data, background and forecasts on Apple Pay: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).