CUPERTINO, Calif. (10/8/15)--Apple Pay, which entered the market with high expectations, marks its one-year anniversary this month. However, the mobile payments system has yet to gain traction with consumers, accounting for only 1% of all retail transactions in the U.S., according to researcher Aite Group (Houston Chronicle Oct. 7).
Consumers use Apple Pay to pay for purchases by tapping their iPhone or Apple Watch on a device at cash registers.
Apple Pay is only available on newer iPhones and can be used at a limited number of retail locations.
Jared Schrieber, CEO of InfoScout, a shopper-research firm, said many consumers simply don’t know how Apple Pay works. Competitors such as Samsung Pay and Google’s Android Pay have followed Apple Pay to the payments market, but they too have yet to gain widespread consumer use.