Apple Pay, the New Mobile-Payments System, is Catching On with More Retailers, Banks

Apple Pay Mobile Payments System Catching On with More Retailers, BanksApple Pay, the tech giant’s mobile payments application, is gaining ground as more companies say they are adopting it and those on board from the start reporting that its catching on.
Although its piece of the mobile-payments pie is still small, Apple has already made larger strides than its biggest competitors with digital wallet platforms, such as Google, Verizon and AT&T.
Financial companies such as SunTrust, Barclayard and USAA have adopted Apple Pay recently, the New York Times reports.
Ten banks — among them TD Bank North America and Commerce Bank — are also using Apple Pay. Additionally, retailers Staples, Winn-Dixie and Albertsons have begun using Apple Pay.

The home of the Orlando Magic (Amway Center) is reportedly set to begin accepting Apple’s application this week.
Meanwhile, early adopters of Apple Pay, which debuted in October, have given positive reviews. Whole Foods, the high-end grocery chain, said it had processed more than 150,000 Apple Pay transactions. The Times also reports that McDonald’s, another original Apple Pay processor, said it accounted for 50 percent of its tap-to-pay transactions in November.
“Retailers and payment companies see Apple Pay as the implementation that has the best chance at mass consumer adoption, which has eluded prior attempts,” Patrick Moorhead, president of Moor Insights & Strategy, a research firm, told the Times. “They believe it will solve many of the problems they had before with electronic payments.”

Apple launched Apple Pay on Oct. 20 at an estimated 220,000 stores or inside apps using the latest iPhones and a thumbprint.

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