Apple Pay Faces Tough Crowd in First Year
- Apple Pay used in only 1 percent of all retail transactions
- It's going to grow slowly over 3 to 5 years, Aite analyst says
Apple Pay's First Year Is Underwhelming
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Apple Inc. Chief Executive Officer Tim Cook has called 2015 the “year of Apple Pay.” So far it’s been underwhelming.
The mobile-payments system, which marks its one-year anniversary this month, has failed to catch on with consumers, accounting for only 1 percent of all retail transactions in the U.S., according to researcher Aite Group. The service -- which allows users to pay for purchases by tapping their iPhone or Apple Watch on a device at cash registers -- has suffered from a lack of promotion and limited number of terminals available in stores. Plus Apple Pay is only available on newer iPhones.