Apple Pay Leads as Most Popular Mobile Payment Over Starbuck in the U.S.

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Apple Pay Leads as Most Popularly Used Mobile Payment in the U.S. According to eMarketer ‘s report, some Apple Pay has become last year’s market-leading payment network after over 27 million U.S. people used the app to buy. Apple Pay as US Most Popular Mobile Payment to Starbuck. Within the 2019-2020 rate, it has risen faster than anticipated.

 

Apple Pay Leads as Most Popular Mobile Payment in the US

In 2019, there were around 30,3 million people working with the Apple Payment App. Compared to Starbucks’ consumers of around 25.2 million customers working on their same year’s smartphone app.



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According to an eMarketer key analyst, Yory Wurmser: “Apple Payment service has made enormous benefits from the spread of its new point- of-sale (POS) systems that work with the NFC signals on which Apple Pay operates.” “Google Pay and Samsung Pay may also follow the same pattern, but they will continue to break the Android market.”

 

Apple Pay

Apple Pay was released five years ago. Exactly when the contactless payment service crossed about 19% of all retail transactions and encountered difficulties in expanding acceptance among customers and retailers. However, it hits its effective point and is projected to be available in over 70% of U.S. retailer stores by the end of this year, eMarketer said. This should help the company expand its payment operations , particularly after launching the Apple Card in partnership with Goldman Sachs a month ago.

 

Briefly:

In 2020, Apple Pay will surpass Starbucks’ coffee chain by offering the most common mobile payment mechanism for shoppers in US stores. This year, Apple ‘s payment app would have over 30 million U.S. shoppers, compared to fewer than 25.2 million Starbucks payment app users, reported by an eMarketer research firm.

Apple Pay will also take on other point-of – sale (POS) payment methods, not only over Starbucks, like Google Pay, which has over 10 million users, and Samsung Pay with over 9 million users. With the increased adoption of in-store systems that operate securely with mobile near-field communications (NFC) chips, Apple ‘s payment services are growing. Read more about this post, “Apple Pay Leads as Most Common Mobile Payment to Starbuck in the US.”

Contactless payment, also called Proximity Mobile Payments, will be more than double to $220 billion by 2023 from $98.9 billion this year’s 2020 in the U.S. The rate of smartphone users using their device to make in-store payments will rise this year to 64 million, or 30% of all U.S. smartphone users, predicted by eMarketer.

 

Insight:

U.S. customers were slower in embracing these contactless mobile payments relative to other regions, such as China’s urban areas. But research by eMarketer indicates rapid growth is kicking as more stores introduce innovations to their POS systems. Unlike China, the U.S. has developed the infrastructure for debit and credit card payment systems for many years , making them a convenient alternative to cash and check payment. “However, tech-literate young adults who already understand smartphones have shown greater willingness to use mobile devices for payments, giving rise to the popularity of payment apps such as PayPal’s Venmo, which had over 30 million Q1 users,” CNBC said.

 

Concluding

Starbucks was among the first to consider issuing contactless payment options for its U.S.-based customers , giving millions of U.S. people early experience with in-store payment service. Starbucks Pay continues to grow strongly, through eMarketer, showing that store chains can successfully build a proprietary payment mechanism that gives users more control over purchasing data. As an example, the Walmart retail store offered a payment app merged with its in-store purchases and online orders for user delivery and pickup.

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