TWO Reasons Apple Pay is about to take Europe by storm
Apple’s mobile payment system is already a huge success in the U.S.
And $2 out of every $3 spent on contactless purchases in the U.S. are done through Apple Pay.
And he’s probably right.
VISA just announced it’s European contactless payment terminals will support tokenization by mid-April.
This is the type of secure system Apple Pay uses for its payment process.
Which is important for two reasons:
First, VISA has more than 1.5 million contactless payment terminals that are ready for mobile payments.
The company’s even called Apple Pay a “critical piece” of the mobile payments puzzle.
But that’s not all.
Europe has been using contactless payment systems for years.
Which means it’s even more ready than the U.S. for more mobile payment adoption.
And it’s coming at just the right time.
Use of near-field communication, the wireless connection used for Apple Pay, is skyrocketing.
Source: Juniper Research. Mobile NFC Users Worldwide(in millions)
Which means that banks, financial institutions, and retailers have a big incentive to adopt NFC technology.
Here’s why that’s good for Apple…
Apple Pay is all about making the company’s devices even more desirable and indispensible.
In its most recent quarter, Apple sold 74.5 million iPhones.
While Apple Pay is just one feature out of many, it should help fuel incremental sales in Europe once it’s up and running.
“We believe Apple Pay was the most important announcement from Apple’s 9/9 event and view Apple Pay as potentially the most important Internet service introduced by Apple since iTunes.” - Gene Munster, Piper Jaffray
That’s a bold statement. But with the success of the iPhone so far, and the U.S. adoption of Apple Pay to date…
It appears Apple’s payment system is poised to take Europe by storm.
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