TWO Reasons

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TWO Reasons Apple Pay is about to take Europe by storm

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Apple’s mobile payment system is already a huge success in the U.S.

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Apple CEO, Tim Cook, said more than 750 banks and financial institutions have signed up to bring Apple Pay to their customers.

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And $2 out of every $3 spent on contactless purchases in the U.S. are done through Apple Pay.

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“With all of this momentum in the early days, we are more convinced than ever that 2015 will be the year of Apple Pay.” - Tim Cook, Apple CEO

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And he’s probably right.

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VISA just announced it’s European contactless payment terminals will support tokenization by mid-April.

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This is the type of secure system Apple Pay uses for its payment process.

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Which is important for two reasons:

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First, VISA has more than 1.5 million contactless payment terminals that are ready for mobile payments.

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With the success of Apple Pay in the U.S., VISA knows these terminals could be a catalyst for Apple Pay in Europe.

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The company’s even called Apple Pay a “critical piece” of the mobile payments puzzle.

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But that’s not all.

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Europe has been using contactless payment systems for years.

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Which means it’s even more ready than the U.S. for more mobile payment adoption.

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And it’s coming at just the right time.

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Use of near-field communication, the wireless connection used for Apple Pay, is skyrocketing.

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Source: Juniper Research. Mobile NFC Users Worldwide (in millions)

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Which means that banks, financial institutions, and retailers have a big incentive to adopt NFC technology.

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Here’s why that’s good for Apple…

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Apple Pay is all about making the company’s devices even more desirable and indispensible.

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In its most recent quarter, Apple sold 74.5 million iPhones.

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While Apple Pay is just one feature out of many, it should help fuel incremental sales in Europe once it’s up and running.

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“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

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That’s a bold statement. But with the success of the iPhone so far, and the U.S. adoption of Apple Pay to date…

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It appears Apple’s payment system is poised to take Europe by storm.

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