Why Mobile Payments Aren't Gaining Traction with Small Businesses

From Entrepreneur –

“A year after the launch of Apple Pay and five months into Google’s Android Pay service, it seems like mobile payments have finally caught fire with the public. Thousands of banks and retail giants have jumped onboard, yet small businesses—which account for more than 90 percent of businesses in the country, according to the U.S. Census Bureau—are so far responding with a collective meh.

“I would say it’s been a fairly negligible adoption rate so far,” says Jordan McKee, senior analyst covering mobile payments at 451 Research in Boston. “There hasn’t been a tremendous amount of interest given the cost of upgrading terminals to accept NFC payments.”

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Apple Pay, One Year Later: Still Waiting to Catch On

From Yahoo! Tech –

“One year ago, Apple introduced its long-expected mobile payment system, Apple Pay. The new payments platform lets iPhone 6, iPhone 6 Plus, and Apple Watch users pay for items at retail locations throughout the United States and the United Kingdom. Instead of swiping a card with a magnetic stripe at checkout, they can just tap their Apple Pay-compatible iOS device on a compatible terminal, and the transaction is done, the payment subtracted from their selected credit or debit account.”

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What Banks Can Learn From the Decline of Apple Pay

From Bank Innovation –

“Around this time last year, the payments industry waited with much anticipation as Apple prepared to announce a move into mobile transactions that was expected to redefine the ecosystem as we knew it. From that anticipation, Apple Pay was born, and now nearly one year after its introduction the solution is dominating headlines again – this time for less favorable reasons.

In a recent post from PYMNTS.com, retail data analytics firm InfoScout is reporting Apple Pay usage has been on a steady decline since a seemingly promising upswing in March 2015. In the three months that followed, usage fell two points from 15.1 to 13.1 percent. What’s more, of the nearly 40 percent of consumers surveyed in March who said they had used Apple Pay to complete a transaction, only 23 percent still said “yes.”

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