Feb 08, 2017 04:02 AM EST
Apple Pay Is Most Common Mobile Payment Platform; Topples PayPal
Apple Pay is now the leading choice for consumers when it comes to mobile payment platforms, according to a survey. Get all the details on this latest survey on Apple Pay and its competitors.
Apple Pay vs PayPal
Last year, Some analysts mentioned that Apple Pay's expansion from devices and apps to the web browser could be posing a serious danger to PayPal, although others said there's plenty of room in the market for both to thrive (via Value Walk). Now, Apple Pay has taken the lead with the largest percentage of supporting U.S. merchants at 36 percent accepting the mobile payment service. The number was up from 16 percent last year
Apple Pay vs other mobile payment platforms
According to Apple Insider, PayPal, is in second place and is currently being offered by 34 percent of merchants. Apple and PayPal are followed by MasterCard PayPass (25 percent), Android Pay (24 percent), Visa Checkout (20 percent), Samsung Pay (18 percent), and Chase Pay (11 percent).
Notably, Samsung Pay can be used at businesses that are not officially supporting the platform. About 22 percent of businesses are planning to adopt Apple Pay within the next 12 months, while 11 percent are expecting support in the next 1 to 3 years. Some 31 percent, however, are maintaining a wait-and-see stance.
Apple Pay and merchants' NFC compatibility
Although various major chains are agreeing with the idea, many are still apprehensive and maybe considering the cost of upgrading to sale terminals with compatible NFC. Small businesses are possibly more flexible, though the extent of their Apple Pay adoption is unknown.
Apple and Square recently partnered to push the latter's compatible card reader. In its latest results call, Apple said that global Apple Pay deals were up 500 percent year-over-year in the December quarter, supported by triple the number of users.
Apple Pay and other means of mobile payment could succeed through further education at the point of sale to ensure that a transaction using a mobile device is not longer or more complicated than traditional payments methods.
Have you tried using Apple Pay or the other services for mobile payment?