Apple Pay reports good first year growth

Apple Pay is now three months old and is starting to report usage results after its first holiday retail season. Finance analysts are saying the usage versus other attempts at the “mobile payments via phone” segment are encouraging. The advantage is that ApplePay requires a fingerprint and relies on a one time code. Merchants do not have to see a card number. Walgreens and McDonalds have reported that twice as many shoppers are paying via wireless readers since ApplePay arrived. Currently Apple says that more than 220,000 locations accept ApplePay. Bank Of America said that over 800000 of its customers signed up for Apple Pay in the fourth quarter. Another advantage say observers is that the system simplifies the checkout process. Source: Wall Street Journal

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