Contactless, Contracts, Daily News -

Apple Pay continues company sign up success

According to the New York Times, the list of companies working with Apple Pay continues to grow.

On Tuesday, Apple announced that in recent weeks the company had signed up dozens

Apple Pay logo

The list of companies working with Apple Pay continues to grow.

more banks, retail stores and start-ups to adopt Apple Pay, the company’s new e-commerce product, which allows customers to buy things with little more than a wave of their iPhone.

The new companies that recently agreed to work with the service include SunTrust, Barclaycard and USAA. Ten more banks, including TD Bank North America and Commerce Bank, will back the new form of payment on Tuesday. With the new additions, Apple says it supports the cards that represent about 90 percent of the credit card purchase volume in the United States.

Staples, the big-box office supplies retailer, now accepts Apple Pay at its 1,400 United States locations. Chain grocers like Winn-Dixie and Albertsons take it, too. And on Friday, Amway Center, the home to the Orlando Magic basketball team, will accept Apple Pay at many of its retail and food and beverage stands during games.

Other companies have given hints that the service has legs. Whole Foods, the high-end grocery chain that has accepted Apple Pay since the service was released in October, said it had processed more than 150,000 Apple Pay transactions in the early days after the product’s release. McDonald’s, another original participating company, said Apple Pay accounted for 50 percent of its tap-to-pay transactions in November.

Other big companies that accept Apple Pay, like Disney, Lyft, Uber and Airbnb, did not respond with data before this article was published.

While Apple Pay still accounts for a tiny fraction of total transactions, the new additions suggest that Apple has generated more traction for the service than any competing service. Others giant companies like Google, Verizon and AT&T have offered similar takes on a smartphone-based e-commerce product, though to little avail.

“Retailers and payment companies see Apple Pay as the implementation that has the best chance at mass consumer adoption, which has eluded prior attempts,” said Patrick Moorhead, president of Moor Insights & Strategy, a research firm. “They believe it will solve many of the problems they had before with electronic payments.”

Alex Martins, chief executive of the Orlando Magic, said he thought Apple Pay would play a part in bringing other industries into a new digital age.

“One of the biggest pieces of feedback we get from our fans is that the food and beverage lines are too long,” Mr. Martins said in an interview. “It keeps them from going to the concession stand because they don’t want to miss the action. This, and technologies like Apple Pay, will speed up our service.”

Some industry watchers are bullish on what Apple may do for the mobile payments industry overall. One estimate sees United States mobile payments volume reaching $142 billion by 2019, according to Forrester Research. Much of that will be a result of Apple Pay’s effect on the industry, Denée Carrington, a Forrester analyst, said. Ms. Carrington expects Apple Pay to reach $34 billion in e-commerce volume in the United States by 2019.

The post Apple Pay continues company sign up success appeared first on Payments Cards & Mobile.