In a report sent to Apple World Today, ShopKeep says that Apple Pay acceptance with SMBs (small to medium sized businesses) is the single biggest opportunity to drive the universal ubiquity of this payment method. SK has been seeing “significant” linear growth in the number of Apple Pay sales on its registers that’s approximately 8.4 times faster than the rate of all credit card transactions being processed.
ShopKeep has a month-over-month Apple Pay adoption rate of 10 percent for new merchants taking their first Apple Pay transaction. In February 2015, only 2.5 percent of the platform’s merchants had executed transactions with Apple Pay, but by the end of September, that percentage was up to 26 percent. What’s more, ShopKeep is seeing approximately 20 percent month over month growth among our merchant base who use Apple Pay at least once daily.
“Of course, with any new payment technology change doesn’t happen overnight and it can take consumers a few years to fully adapt to new methods; however the fact ShopKeep is seeing solid linear growth month over month on its adoption is a strong indicator of Apple Pay’s increased penetration among small businesses, and proves that it is also catching on quickly with consumers,” ShopKeep says in the report.