Generates Million of Dollars through Apple Pay

Generates Million of Dollars through Apple Pay

Apple Pay Features

Payment industry pro says apples easypay is great news, Apple pay will generate millions of dollars this season. Here’s what you need to know.

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Apple could generate a billion dollars through its currently U.S.-only Apple Pay service across the next year, and is likely to generate millions of dollars on Black Friday sales alone.

That’s the best case scenario, and of course Apple is unlikely to share its actual results. The estimates are based on the assumption it takes a small 0.10% fee on each transaction, as is widely believed.

Put that transaction fee up against these stats and you see the potential revenue the company may attract in the USA:

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U.S. consumers spent $735 billion using credit cards in 2005.
U.S. consumers spent $57.4 billion on Black Friday sales last year.
The potential is limited by the fact that only a few million Americans have an Apple Pay compatible smartphone, although Apple has set the mobile payments industry alight, raising interest in other mobile payments providers. This translates into usage that is bound to put a few dollars under Cupertino’s Christmas tree.

More from mobile
The mobile shopping experience extends beyond payments. Consumers use mobile for: Finding deals (97%); comparing prices (96%); researching products (96%); accessing coupons (92%); finding stores (89%); and buying directly from the device (85%), Retale this week claimed.

Read more here.

Source: Jonny Evans

Image source: Chip and Company