New Apple Pay volume estimate suggests hurdles overseas (AAPL)

This report says that Apple Pay has difficulties to be adopted abroad because people find plastic cards as convenient. It is normal that people take time to change habits. But I find, paying with your phone makes life much easier. We always have our phones with us but not always the right plastic card. If we have all information on our phone, also our ID and Drivers License, we would only need to carry our phone around and not a heavy purse/billfold with all our cards and money. I love the idea to pay with my phone and I can’t wait for Apple Pay to come to Germany. Even though, I think it is a tough market as people are so attached to their cash. I still cannot believe how transactions cannot be processed more with (credit) cards. It is so much safer. I’m still hoping for the population to change, though.
Apple Pay has helped spearhead the proliferation of mobile payments products and infrastructure in the US and abroad, but its biggest challenge so far has been convincing iPhone users to adopt it.

A new estimate from Timetric shows Apple Pay processed $10.9 billion globally in 2015, with the overwhelming majority of that volume originating in the US, Reuters reported.

To put this volume in context, that represents 0.2% of total 2015 in-store US retail volume. Reuters also cited anecdotal evidence from users and retailers in international markets that there has been a lot of frustration with Apple Pay abroad.

Timetric could be underestimating Apple Pay’s performance abroad.

  • Apple Pay’s growth rate in the second half of 2015 was 10 times higher than in the first half, suggesting that growth was driven by expansion to the UK, where…

Read the entire article from BusinessInsider here: New Apple Pay volume estimate suggests hurdles overseas (AAPL)


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