Usage of Apple Pay, a mobile payment service from Apple that lets customers make payments using their iPhone or iWatch devices, has been increasing ever since its first introduction in 2014. About 3.6 million people have used Apple Pay at least once.
(LOW, E. (2015, July 28). Apple Pay Partner Stripe Gets $5 Billion Valuation. Retrieved July 30, 2015.) This number is growing thanks to the increase in frequency of transaction and the growing iPhone 6 user base. According to a study by Auriemma Consulting, 42% of iPhone 6/ 6 plus users reported using Apple Pay services and of them, 84% reported making more than three transactions in stores and 76% used it more than three times in-app. (Apple Pay Use Growing in US, According to Auriemma Consulting Group Study. (2015, July 28). Retrieved July 30, 2015.) The …show more content…
Apart from the security concerns and challenges from hackers that CurrentC faces, it is also entering a very saturated market. Apple Pay, to its advantage, has the name recognition, offered on popular devices like iPhone, Apple Watch and based on a much better technology than CurrentC is. Apple Pay should be looking at expanding its presence in the US by partnering with more banks, targeting more retailers, exclusive support partnerships, enhancing mass adoption and attractive loyalty programs.
Apple Pay works with 27 banks; it is accepted at more than 70 retailers already and is in talks with more than 40 other retailers to be accepted in the future. (Lascity, E. (2015, July 27). CurrentC: Apple Pay, Google Wallet Competitor Coming In August. Retrieved July 30, 2015. )
Apple Pay should work towards collaborating with other major banks and retailers to ensure that every single Apple device user, even if his account is with a community bank, is able to use the Apple Pay service. This will ensure that the user base for Apple Pay is as big as their handheld device consumer
(LOW, E. (2015, July 28). Apple Pay Partner Stripe Gets $5 Billion Valuation. Retrieved July 30, 2015.) This number is growing thanks to the increase in frequency of transaction and the growing iPhone 6 user base. According to a study by Auriemma Consulting, 42% of iPhone 6/ 6 plus users reported using Apple Pay services and of them, 84% reported making more than three transactions in stores and 76% used it more than three times in-app. (Apple Pay Use Growing in US, According to Auriemma Consulting Group Study. (2015, July 28). Retrieved July 30, 2015.) The …show more content…
Apart from the security concerns and challenges from hackers that CurrentC faces, it is also entering a very saturated market. Apple Pay, to its advantage, has the name recognition, offered on popular devices like iPhone, Apple Watch and based on a much better technology than CurrentC is. Apple Pay should be looking at expanding its presence in the US by partnering with more banks, targeting more retailers, exclusive support partnerships, enhancing mass adoption and attractive loyalty programs.
Apple Pay works with 27 banks; it is accepted at more than 70 retailers already and is in talks with more than 40 other retailers to be accepted in the future. (Lascity, E. (2015, July 27). CurrentC: Apple Pay, Google Wallet Competitor Coming In August. Retrieved July 30, 2015. )
Apple Pay should work towards collaborating with other major banks and retailers to ensure that every single Apple device user, even if his account is with a community bank, is able to use the Apple Pay service. This will ensure that the user base for Apple Pay is as big as their handheld device consumer