Barely a month in 2015 and Apple Pay is emerging as the clear winner when it comes to mobile wallet capabilities. Despite the valiant efforts of Google, PayPal, and Square, Apple Pay is seeing the highest rates of adoption from both vendors and customers, which is thus far responsible for only a small portion of Apple’s record-breaking profit this quarter.
In what appears to be a war for mobile wallet domination, Apple Pay has been victorious since its launch in October 2014. As a recent article in The Wall Street Journal outlined, Apple Pay’s success can be traced to multiple factors, from customers’ insistence that it’s safer than other mobile payment options to a very strong marketing campaign.
Outside of Apple, customer data breaches, like those that plagued Target and Home Depot in the past year, have also been credited with Apple Pay’s sudden success. Currently claiming the lead in the race for the best, most secure mobile payment option, Apple Pay stands out from other brands as it promises to never retain transaction information — a promise many companies can’t make.
Although Apple Pay is considered more secure and convenient by many customers, critics of the payment option have valid concerns. For example, Engadget‘s Nicole Lee conducted a detailed comparison of Apply Pay and Google Wallet, noting that the former is limited in the card types and banks compatible with the system. Another strike for Apple Pay is the inability to use it with corporate cards, at least for now.
Adding this possibility would be helpful for businesses, particularly while traveling, but Apple has not yet confirmed whether this feature will be available in the future. Unlike Google Wallet, Apple Pay allows users to quickly pay for an item with a simple touch, whereas Wallet requires a PIN.
Despite concerns expressed by Pizza Hut last year, as reported by Inquisitr, Apple Pay seems to be doing very well with consumers and may be the solution to many last minute payment options. In an effort to boost the popularity of self-serve payments, Apple Pay is in the process of earning adoption by many facilities traditionally requiring cash, like laundromats and parking stations.
In addition to point-of-sale payments, Apple Pay allows users to purchase items within apps using only a touch of the finger. Thus far, more than 200,000 locations are expected to offer payments via Apple Pay, which is a significant victory for the recently released mobile payment solution.