Apple Pay’s global impact remains “small”

Apple Pay has “made only a small dent in the global payments market” due to technical challenges, low consumer take-up and resistance from banks, according to a report by Reuters. “Apple Pay usage totaled US$10.9bn last year, the vast majority of that in the US,” the publication says, citing research from Timetric. “That is less than the annual volume of transactions in Kenya, a mobile payments pioneer.”

  • Willam Hugh Murray, CISSP

    The issue is less the adoption of Apple Pay than that of the adoption of tokenization, mobile, and NFC. Think numberless, cardless, and contactless. Think the end of credit card numbers in the clear. Think the end of magnetic stripe cards.

    That leaves “card not present” fraud We now have proxies (PayPal, Amazon, MasterPass, et. al). We just need for merchants to recognize that the proxies are more convenient for their customers and safer for them.