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Apple Pay looks to upend the payments industry with its secure, easy-to-use system that lets you pay for goods with a simple fingerprint scan. And though it's not available at most retail stores, a new survey from Boston Retail Partners says nearly 40% of all large US retailers plan to support Apple Pay by the end of next year.
Based on that survey data charted for us by BI Intelligence, just 8% of large US retailers currently accept Apple Pay - the same amount of retailers said they currently accept Bitcoin and CurrentC, the payments system that's still in beta from MCX, the merchant consortium that owns CVS, Rite Aid, Sam's Club, and Kmart, among others.
PayPal is leading the way right now, but within the next 12 months, it looks like more US retailers say they plan on supporting Apple Pay. When you expand that time horizon to three years, however, PayPal looks like the dominant platform once again: 62% of retailers say they will accept PayPal by 2018, compared to 56% of retailers saying they'll accept Apple Pay by that time. That could change, however, if Apple expands Apple Pay to include other financial services like mobile banking, which would let people manage all of their accounts through Apple's app instead of apps made by the banks.
BI Intelligence