From a global perspective, the Apple Pay got it – no one doubts it. In many ways, however, he still finds it difficult to stand up to his competitors – notably, PayPal and Walmart Pay. What is contributing to the Apple payment platform to advance beyond its competitors? According to Bloomberg, The Apple Pay Cash.
The publication made a report pointing out the challenges of Apple in expanding its platform at a faster rate than its competitors and shows that the system of sending money between users – for now, only available in the United States – was a great success on the part of Apple, making the company, in the words of analyst Gene Munster, “recover much of the lost ground”.
Another point that is making the service take off is the rapid adoption by stores, restaurants and other commercial spaces. Four years ago, when Apple Pay was launched, there were 3% of establishments in the USA; by the end of 2018, that number will rise to no less than 60%. A similar situation is found in the United Kingdom, where the Apple platform has grown rapidly due to the existing contactless payment structures.
Despite this, many merchants still report that Apple Pay represents a small part of their sales. The manager of a busy cafeteria on Third Avenue in New York said that about 5% to 10% of customers use the Apple service there – and many of them only do so when they realize they have forgotten their credit or debit card. .
Overall, according to Munster, Apple Pay’s performance has been “disappointing” compared to Apple’s original expectations: the analyst said the company was looking to build an entire payments business and be a disruptive force in the segment, but it never came to that. Score.
Still, the ground is open for Apple: according to the analyst, the Apple platform is the only one that is in all possible financial transaction spaces, considering physical establishments, payments on computers, mobile devices, within applications and also in the transfer of money between people. Munster «is still optimistic» that the service could take larger flights and be an advantage – or a reason for people to buy iPhones and Apple Watches. It will be?
Obviously, for this success to arrive, the platform has to worry about expanding as quickly as possible. Fortunately, Apple remains focused on this and two major territories are expected to receive service soon.
According to the newspaper De Tijd, Apple Pay should arrive at Belgium in November, initially by BNP Paribas Fortis; other institutions are expected to adopt the platform in the following months. It is unclear whether Apple Pay Cash will enter the scheme – but probably not, considering that the feature hasn’t even left the U.S. yet.
Thousands of kilometers away, Apple itself has announced that the platform will reach Saudi Arabia “Soon”, without specifying dates. The local payment network MADA has already confirmed that it will support the Apple platform, when it becomes available in the country.
Finally, Apple recently made available another Apple Pay Cash commercial within the concept “Just text them the money”, which shows fun conversations in iMessage involving the feature. This time, two people try to be kind to each other … until they don’t.
Unbelievable (at least for me ?), but fun.
via MacRumors: 1, 2; AppleInsider