Apple Pay Gains Momentum, Partners with More Companies

Apple recently announced it has partnered with dozens of new companies interested in adopting its Apple Pay e-commerce product, which allows customers to make in-store transactions with a touch of their iPhones. Partnerships with various retail stores, startups, and financial institutions represent the early adopters of Apple’s new product. Apple Pay has already outperformed other rival smartphone e-commerce products from Google, Verizon and AT&T. 

Apple_iPhone_5sApple has done especially well in pushing its product to financial institutions such as SunTrust, Barclaycard, USAA, TD Bank North America and Commerce Bank.

“With the new additions, Apple says it supports the cards that represent about 90 percent of the credit card purchase volume in the United States,” reports The New York Times.

The mobile wallet is also being accepted at Staples, Whole Foods, Disney, Albertsons, Winn-Dixie and the concession stands of basketball arena Amway Center in Florida. Whole Foods “said it had processed more than 150,000 Apple Pay transactions in the early days after the product’s release,” reports NYT.

“McDonald’s, another original participating company, said Apple Pay accounted for 50 percent of its tap-to-pay transactions in November.”

Many retailers and payment companies believe Apple Pay provides a viable solution to the problems experienced with electronic payments. Alex Martins, chief executive of the Orlando Magic, suggests Apple Pay will expedite the payment process at concession stands so fans can spend more time enjoying games at the Amway Center.