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.
ADVERTISEMENT
Three years after it launched, Apple Pay is finally starting to gain traction with retailers
Mobile wallet adoption has been slow, but Apple Pay leads the way over competitors like PayPal and MasterCard.
ADVERTISEMENT
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."
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
10 least powerful African passports in 2024
Top 10 African countries with the largest labor force
Video footage of Asian man beating two Africans sparks racism comments online
East Africa’s future in energy shines brighter on the continent
Infinix NOTE 40 Series takes centre stage with all-round fastcharge 2.0
Here are the new causes of Nigeria’s inflation according to the CBN governor
Russian troops have entered base housing US military forces in Niger
Digitalisation: A revolution in financial services