The Rise of Apple Pay

This week, Apple is all anyone seems to be talking about, and I’m not an exception. 

Aside from the obvious Apple Watch and new Macbook design, a less reported on topic is the growth of Apple Pay -  Apple’s mobile payment service that allows you to make in-store payments using your iPhone, iPad or Apple Watch.

While we have all heard whispers about the emergence of Apple Pay, we didn't understand just how big it was getting. But at the Apple Watch event on March 9^th, Apple’s CEO, Tim Cook, showed us just how rapid its growth is. Almost 2,500 card-issuing banks support the technology, and in recent months, the number of locations that accept Apple Pay has essentially tripled to nearly 700,000! This includes approximately 40,000 Coca Cola vending machines, which is expected to reach 100,000 by the end of the year. A total of 61 American stores now accept this form of payment, and as companies continue to sign on to the initiative, it will only continue grow.

And now, with the fast approaching release of the Apple Watch, Apple Pay will soon experience a surge in use. It’s clear that the adoption and rise of Apple Pay is accelerating at a breakneck speed.

But is it too good to be true? What are the drawbacks? At the moment, the only clear disadvantage is the rise in frauds, meaning that banks will have to tighten their security measures, and crack-down on the fraudsters. Apart from that though, it seems to be a clear winner!

So, how long will us non-Americans have to wait until we can hop on the band wagon of wireless payments? There’s no clear answer just yet, but Visa Europe have announced this week a new secure way for their customers to pay retailers via smartphones and such. Could this be opening the door for Apple Pay in Europe? Only time will tell. 

For more information on Apple Pay click here and here