Usage Of Apple Pay A Mobile Payment Service Essay

1489 Words Aug 5th, 2015 6 Pages
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 numbers show that the Apple Pay adoption in the market is promising. Nevertheless, Apple Pay faces a number of challenges in the form of competition, security and technology concerns, and consumer reluctance towards widespread adoption to name a few.

There are a few prominent players in the mobile payment space like Google Wallet, Zapp, Moneto and Barclays bPay and there are a handful about to be launched like Samsung Pay, Android Pay and CurrentC. CurrentC, set to launch in August 2015, is pitted by industry experts to become the biggest competitor to Apple Pay. CurrentC is developed by MCX or the Merchant Consortium Exchange, which is a group of merchants like Walmart,…

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