Apple Pay, launched in the U.S. in the fall of 2014, has now spread to over a dozen countries, according to the "Apple Pay Profile 2017” report from Research and Markets.
Figures from Apple Pay's largest market, the U.S., indicate that over a third of retailers of various segments now accept Apple Pay, according to the research group. Surveys cited in its report show that utilization of the Apple mobile payment system trails awareness of the ability to do so among iPhone users, but usage has increased over the past two years.
What’s more, according to the latest procurement market intelligence report from Technavio, the global mobile wallet services market — such as Apple Wallet — is expected to grow at a compound annual growth rate [CAGR] of 42% over the next five years due to the multiple functionalities they can offer both buyers as well as suppliers.
“For buyers, it provides the unique advantage of storing money in secure and reliable digital accounts to make fast and smooth transactions across merchants and retailers in multiple industries,” says lead Technavio procurement expert Angad Singh. “For suppliers, it represents an opportunity to invest in a new channel for processing transactions and additional marketing, to target customers real-time with localized offers and discounts.”
Mobile payment technologies such as NFC, HCE, BLE, and QR codes are penetrating the market with technology leaders such as Apple, Google, and Samsung spearheading development, according to the research group.