September 22, 2014
Despite Apple Pay’s many great features,many experts believe that Apple Pay needs bigger footprint in terms of merchant acceptance. We thought objective analysis regarding merchant acceptance would benefit readers. Our research uncovered the four most popular mobile payment systems – Apple Pay, CurrentC (by MCX), Google Wallet and PayPal. The visual below depicts Apple Pay acceptance - basically everything in the grey arch. Then non-acceptance of Apple Pay is depicted by everything in the blue arch that is not a part of the grey arch. The merchants shown in the intersecting zone are the ones that are accepted by Apple Pay and one or more of the others.
We believe that Apple Pay has a good start and their strategy of working with card networks and banks seems to be working. Banks like Chase and Bank of America are heavily promoting Apple Pay , which will likely lead to a a large subset of subscribers to Apple Pay.With growing consumer traction, we predict that more merchants will join the Apple gang sooner or later.