Tuesday, August 30, 2022 1:30 pmTuesday, August 30, 20223 Comments

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Apple’s mobile payment service Apple Pay is quietly dominating a $2 trillion industry, proving that patience is a competitive edge for companies that know how to wield it.

In excess of 75 percent of iPhones now have Apple Pay activated with at least one form of payment and 90 percent of all U.S. stores accept the contactless payment method.

Jason Aten for Inc.:

When you think about it, Apple Pay has almost managed to pull off the most coveted feat of branding–it’s basically synonymous with contactless payments. I’ve literally never heard anyone ask, “Do you accept Google Pay or Samsung Pay?” It’s possible that no one is using either service, but I think it’s more likely that people just think of anytime you tap your phone to a card reader as Apple Pay.

Listening to [Apple CEO Tim] Cook talk about the success of Apple Pay, he emphasized that “the growth of Apple Pay has just been stunning. It’s been absolutely stunning.”
More important, however, he suggested it still had a lot of room to grow because “there’s still a lot of cash in the environment.” To be more specific, cash is used for roughly 20 percent of all transactions, though that’s down from 26 percent in 2019.

It’s not hard to see why Apple is patiently pursuing Apple Pay dominance. Some analysts estimate contactless payments to be worth almost $2 trillion. That’s real money, and Apple didn’t become the world’s most valuable company by ignoring opportunities like that. It also makes the iPhone even more valuable — which is priceless.

MacDailyNews Take: Apple proves, once again, that patience is a virtue.

Nobody in their right mind expects this to happen overnight. Inexorably, Apple Pay will grow around the world. — MacDailyNews, June 2, 2016

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