Apple Pay is pretty awesome, but not as widely available as believers would like. A new report details Apple Pay adoption at retail between 10 and 20 percent, but an incoming peer-to-peer (p2p) system could incite broader uptake.
Though it has a fairly low implementation thus far, Piper Jaffray analyst Gene Munster says Apple Pay is “overwhelmingly the share leader” among mobile payment solutions. He goes on to say “we believe 2016 will be the year of new features for Apple Pay.”
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Those new features are believed to be the rumored p2p payment system that would allow you to transfer money to friends, as well as an in-browser payment system for websites.
In November, Apple was reportedly in talks with major US banks like Chase and Wells Fargo to allow people to transfer money using Apple Pay. Apple Pay allows for in-app purchases, but there’s no web-based payment protocol yet.
Apple Pay should find more people turning to it as Square rolls out its new NFC-enabled card reader. While just starting to find its way into the wild, it will serve the mom-and-pop establishments well.
➤ Munster: Apple Pay distribution low, but peer-to-peer and in-browser payments to goose adoption in 2016 [Apple Insider]