Apple Pay VP Jennifer Bailey provided some interesting insights into Apple Pay’s growth earlier this month, according to a report by CNET Japan. Addressing attendees at NRF 2018 Retail’s Big Show in New York with a speech entitled “The Modern Shopping Experience,” Bailey talked about Apple Pay’s rapid growth and the company’s plans for mobile payments going forward.
Bailey noted that the iPhone is leading the mobile e-commerce revolution, with smartphone and tablet based purchase now accounting for 25 percent of transactions in the U.S. — a rate of growth that exceeds the desktop by four times, and traditional retail stores by a factor of 10, and added that similar growth is being seen in other countries such as China.
Bailey added that Apple Pay is now the world’s most accepted contactless payment technology,” and revealed that it is not accepted in 50 percent of stores the U.S., marking a dramatic increase from its 2014 launch when only 3 percent of retailers were on board. However, Bailey was also quick to note that Apple’s e-commerce strategy goes beyond merely payment processing, with recent expansion into things like app integrations, store integrations, and loyalty cards, and further the iPhone platform itself is fuelling innovations in the shopping experience with features such as location services, biometrics, ARKit, and the iPhone X’s new TrueDepth camera technology.
