Dive Brief:
- Apple Pay’s growth is helping expand contactless payments across platforms, a new report from Juniper Research report says.
- About 200 million mobile wallets will be equipped with contactless technologies by the end of 2016, doubling 2014 numbers.
- Apple says that the payments system will be accepted at 1.5 million locations in the U.S. by the end of this year, and it handles about two-thirds of all contactless payments.
Dive Insight:
Handling two out of three contactless dollars, Apple Pay seems to be driving a surge in growth for contactless payments. Other contactless systems such as Google’s Android Pay are expected to grow apace through 2016, the report says.
Systems such as CurrentC—a contactless system from Merchant Customer Exchange (MCX) which has forged exclusive partnerships with big retailers including CVS, Wal-Mart, and Best Buy—are falling behind, the report says. CurrentC recently delayed its general launch; in addition to having its pilot program hacked almost immediately last year, its lack of support for major credit cards will likely limit its appeal.
Apple is expected to release more news on Apple Pay at its news conference on Sept 9.
