Three years after it launched, Apple Pay is finally starting to gain traction with retailers

pulse

October 24, 2017 12:26 AM

Mobile wallet adoption has been slow, but Apple Pay leads the way over competitors like PayPal and MasterCard.

Although Apple announced Apple Pay to much fanfare three years ago, the mobile payment service has struggled to gain traction since. Only 27% of eligible iPhone owners have ever used Apple Pay and only 8% use it every week, according to payment systems consultant First Annapolis.

But there are signs that Apple Pay, which allows users to store their credit cards in their iPhones and to buy things in stores by tapping their devices on compatible payment card readers, is finally starting to catch on. When people do make mobile payments, they're almost always using Apple Pay, according to Apple. Meanwhile one of the big problems that's slowed adoption — the large number of retailers that don't accept mobile payments — is starting to be solved.

who oversees the service as a vice president at Apple. On Sunday, Bailey declared the service was "the future of everyday spend."

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