January 29, 2015
Welcome To The Year Of Apple Pay
Yesterday January 27th, 2015 Apple released the last quarter earnings numbers and by any measure they are astounding. This growth was fueled primarily by the iPhone 6. During the earnings call Tim Cook presented some amazing comments about the growth of the less than 120 day old Apple Pay.
Two out of three NFC dollars spent in the US is now on Apple Pay
Panera Bread: 80% of NFC transactions via Apple Pay
Whole Foods: 400% increase in NFC transitions; a majority are Apple Pay
It has to be stated again, all of this took place in less than 120 days. There has never been a faster growing payment system in history. Merchant demand for Apple Pay upgrades has been so strong that supplies of NFC equipment are depleted. A tremendous amount of demand is from astute and successful small to medium sized merchants.
My research shows that the growth of North American Apple Pay locations has grown to ~652,000 locations. Just today, over 200,000 self service systems like parking meters, vending machines and car washes now are accepting Apple Pay .
Remember Those Experts That Said NFC was Dead?
What an amazing journey Apple has been on since those first NFC patents I discovered in early 2008. Many of you were along for the journey and can recall the days of NFC deniers, Apple iWallet deniers and the tyranny of payment companies that proposed closed wallet systems. There is an embarrassing array of rather intelligent experts that pronounced NFC dead in the middle of the payments disruption era of 2012. Apple thought different.
Congratulations Tim Cook and all at Apple. You have done what no others have done, you are on the way to change the very fabric of the payments system.
In its rising list of supporters, Apple Pay recently added USA Technologies. USA Technologies offers wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries. The company has announced a nationwide rollout of new acceptance points for Apple Pay. This immediately adds approximately 200,000 Apple Pay acceptance points to the growing list of locations officially supporting Apple Pay, bringing the mobile payments service to owners and operators of coffee brewers, vending machines, kiosks, laundry equipment, parking pay stations and other self-serve appliances.