O Apple pay was launched in 2014, and Ma's nearly five years of mobile payment service can be described in just two words: too much expansion.
While growth is significant in both the US and non-US markets, there is still a lot of shock for Apple Pay (and the other mobile payment methods), as seen in a new survey released by Apple Pay. CNBC.
The “drag” on Apple Pay's growth in the United States is neither the existence of competing platforms; After all, Ma's service is among the most prominent. In fact, the mobile payment system itself cannot take off, especially in the US (lagging behind other countries in adopting these services).
According to data from CNBCThe most common payment method in the US is the good old credit card (80%), followed by cash payments (79%) and debit cards (59%). Physical checks are in 4th place (53%), and only one of the first online payment methods appears, PayPal (44%). With a whopping margin of difference, comes Apple Pay in 6th place, with 9% of expressiveness.
This low adoption rate of mobile payment systems in the United States is even more contradictory when we look at the “ubiquity” of iPhones and Androids in the country. In this regard, over 81% of Americans own a smartphone, and while the future of online payment methods is promising, most users still see more advantages in traditional methods.
To get an idea of how low adoption of these services is on Uncle Sam's land, CNBC show that the two largest payment methods in China are mobile: WeChat with 84% and AliPay with 81%. Then comes the money (64%), followed by debit cards (54%) and credit (52%); In China, Apple Pay ranks 7th, accounting for 17% of total purchases in the country (more than in the US).
A former Samsung Pay executive attributed the shyness of mobile payment methods in the United States to the lack of acceptance of this system by:
Merchants need to reach a certain mark before consumers can fully migrate to mobile payment systems. There must be at least 90% acceptance for up to 1% of consumers to change their habits.
We will see if the Apple card, officially launched last week, could steer the adoption of its "brother" service (Apple Pay) in the US. This is perhaps Ma's highest expectation, as the two services are then closely linked and the Apple Card, in turn, offers a number of benefits that could attract even more customers.
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