Good news for Apple Pay: small business owners are still bullish on the growth of mobile payment usage, despite relatively slow adoption so far.
ShopKeep — a cloud-based technology provider used by more than 22,000 retail shops, restaurants, and other independently-owned businesses — has released its bi-annual ShopKeep Small Business Index (SSBI). The SSBI, which draws insights gathered from a survey of 1,954 ShopKeep merchants reveals that 87% of ShopKeep merchants have seen little-to-no adoption of mobile payments at their business during the past six months.
Despite these findings, 59% of small businesses still predict that in the next two years, 50% of consumers will be using mobile payments, such as Apple Pay, as their primary payment method. The survey also showed that 88% of small business owners are confident in the current state of their business, which is an 8% decline from the first quarter (Q1) of 2015. Despite this drop in sentiment, 72% of merchants surveyed still reported an increase in revenue over the past six months, and 96% remain confident in the success of their business one year from now.