Apple earlier this week announced a handful of retailers that will be the first to offer loyalty card support through Apple Pay, but there’s one company planned for the initial launch that it didn’t mention: Whole Foods. Expect the roll out of other rewards cards to be slow, however, as NFC terminals work to enable support with retailers…
Expand
Expanding
Close
Apple CEO Tim Cook shared some stats on Apple Pay during the company’s fiscal Q1 2015 earnings call today. Among them: Cook said that around $2 out of every $3 spent using contactless payments across Visa, Mastercard, and American Express are being made with Apple Pay since the service launched in October.
Also of note: Apple has now signed on around 750 banks and credit unions that will roll out support for the service. That’s up from the 500 banks Apple initially announced it had signed on to support the service. Currently Apple has rolled out support for cards from a 45+ banks and credit unions in the US.
Expand
Expanding
Close
A new report from ITG has revealed that Apple Pay was responsible for 1% of the total digital payment dollars spent in November. The study also found that 60% of new Apple Pay customers used the service multiple times throughout the month, while competing services like PayPal see only 20% of customers do the same.
Additionally, the research found that shoppers who took advantage of Apple Pay used the service for around 5.3% of their future credit card transactions, accounting for about 2.3% of the total dollars spent on their credit cards.
Shortly after retail chain Whole Foods announced that it had processed 150,000 Apple Pay transactions in the three weeks since the service was launched – estimated at around 1% of the company’s sales – a business author and senior Hitachi consultant has spoken about the twin attractions of Apple Pay for retailers.
Jim Maholic, author of Business Cases that Mean Business and vice president in Hitachi Consulting, said major retailers had two main reasons to favor Apple Pay over rival mobile payment service CurrentC …
Expand
Expanding
Close
