Since the debut of Apple Pay in October 2014, analysts have kept a watchful eye on this promising entrant in the mobile contactless payments field. Four months after the launch, consumer adoption of Apple Pay has reached 11 percent of cardholder households and 66 percent of iPhone 6 owners, according to research conducted by Phoenix Marketing International.
Phoenix revealed that during the first four months, 82 percent of early adopters had linked credit cards to Apple Pay, 53 percent debit cards and 20 percent general purpose re-loadable prepaid cards. Entering month five, 31 percent of iPhone 6 owners who signed up for Apple Pay still had not attempted to link a card, and 3 percent who had made an attempt failed in the process, leaving room for more users to link cards in the future.
Moving to the next stage in Apple Pay mobile commerce, 88 percent of consumers who set up an Apple mobile wallet within the first four months of launch went on to make in-store or in-app purchases, raising the conversion rate for a new mobile wallet scheme above 50 percent for the first time, according to analysts.
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Once upon a time, the payments industry was easy to understand – plastic credit cards. Today, your mobile phone, watch, TV and even your car can pay for things. Consumers are paying with social media, digital currency, and connected devices. Do you understand today’s payments environment? You need to connect with, touch, and explore the payments technology that consumers and merchants will be using tomorrow. The only place to see it all is at TRANSACT 15. From Intel’s “Internet of Things” payments technology to Visa’s payments-connected car, today’s payments ecosystem is displayed on the largest show floor in payments industry history at TRANSACT 15.
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Like a Hollywood star making the rounds before a premier movie date, Visa and other organizations are going on tour to promote EMV-chip card technology ahead of the October deadline set for U.S. companies.
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The Numbers Seldom Tell the Story. Of all the statistics published about payments, none specifically provides an indication of whether or not banks are holding on to their payments franchise. One statistic, however, shapes the debate (or should): The total number of payments made expands no faster than needed to match the expansion of the economy, meaning every payment initiated using a new method is a payment not made via some other method, new or old.
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