There are several different mobile payment services in the market at the moment, although from what we can tell, Apple Pay appears to be leading the charge, thanks to its brand power and the fact that it works right out of the box (assuming you have an iPhone 6 or 6 Plus). In fact last we heard, about 1% of all digital payments right now are made using Apple Pay which is actually impressive given that the service is less than a year old.
That being said how big can Apple Pay get? A survey conducted by Boston Retail Partners has revealed that 8% of the large retailers in the US support Apple Pay, but according to the company, they believe that by the end of 2015, 38% of these large retailers could end up supporting Apple’s mobile payment service.
At the moment PayPal is leading the pack with 13% of retailers supporting their service, and considering that PayPal has been around much longer than Apple Pay, it does seem like quite a stretch for Apple to not only overtake PayPal, but to outpace them by as much as 3 times over! However there are some obstacles that Apple will need to overcome.
MCX’s CurrentC service has signed some big names such as Walmart and CurrentC is expected to have an exclusive with them, meaning that until the exclusivity period runs out, there will be some retailers that are off-limits to Apple, but what do you guys think? Do you see 38% of large retailers adoption Apple Pay by the end of the year?
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