This Forbes article attempts to tackle the question of when mobile payments will become relevant through the activities and progress of Apple Pay. Not surprisingly, it is inconclusive at this stage of mobile’s evolution. On the side of good progress the article reported:
In a conference call Tuesday, Apple CEO Tim Cook told investors transactions on Apple Pay have grown double-digit each month and highlighted Starbucks SBUX -1.31% plans to support the platform in all U.S. stores next year as a sign of more growth to come.
But in other evidence, the article suggests that Apple Pay and mobile wallets have a lot of ground yet to cover:
During a presentation, Robert Flynn, head of payment services at consulting firm Accenture , asked an audience member who had paid via mobile to load the app he used. At the same time Flynn pulled his wallet from a pocket and a credit card from its slot. The two men uttered done at the same moment. Flynn’s larger point? Tools like Apple Pay need to show more value to break the ubiquity of credit and debit cards — let alone cash.
According to a new survey from Accenture 67% of people use cash, 59% of people use debit cards and 50% use credit. Apple Pay usage? 8%.
Overview by Sarah Grotta, Director Debit Advisory Service at Mercator Advisory Group
Read the full story here