Apple Pay is Paying Dividends

Many people were doubtful when Apple Pay was first announced, asking who would want to pay using their iPhone? Well it turns out that 2 million user of iPhone 6 in the US have tried the process, so it clearly has some benefits in their eyes. Naturally, banks don’t like Apple Pay, they make all the standard claims that they use any time they want to try to put people off a new technology – security issues, money laundering and potential for funding terrorism are just a few of the reasons they have come up with. One of the reasons they don’t like Apple Pay is that they have no control over it, and also they want us to use their own home grown payment methods such as Barclays ‘Pingit’ or a cross-bank system they are trying to establish called ‘Paym’ which is also mobile phone based.

It turns out that since launch in October last year, online shopping is the preferred use for Apple Pay, with music and sporting event ticket sales being a favourite purchase. SeatGeek is an app for buying tickets, and the impact of Apple Pay on their conversion rates is remarkable – typically 30% of enquiries turn into sales, nut when Apple Pay is involved, the rate goes up to 80%, demonstrating that the method pays off for those who choose to adopt it. The value of purchases is apparently greater with Apple Pay than without too, which is a double win, but this fact needs to be treated with a little caution, as people who own iPhone 6 and iPhone 6 Plus handsets are liable to be from a demographic with more disposable income than owners of cheaper and older models of mobile phone.

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Indiegogo is another site that has benefitted from Apple Pay – they are a Crowdfunding site, and have seen conversion rates rise by more than twice as much with Apple Pay than without, and they made the decision to allow Apple Pay transactions as soon as the method was launched, as the saw it as the payment method of the future.

One of the reasons for Apple Pay’s success in such a short time is that it makes it easier to make a payment on your iPhone because all the information you need is help in the phone, and you don’t have to type credit card numbers into a tiny box on a small mobile phone screen.

It looks as though more major US retailers are warming to Apple Pay, as it has been adopted by Disneyland and Chevron, the chain of gas stations, but use has been refused by Rite-Aid and CVS, two major US pharmacies, and Pizza Hut are reported to be wary of accepting it – one of the problems is that Apple receive 0.15% of every transaction, a nice little earner for them but that’s quite a chunk out of your profits when times are hard.

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