A recent Forbes article delves into the issue of Apple Pay™, and why it seems like nobody is using it, despite the hype and trend.
So why is it, that a major payment method meant to revolutionize electronic payments, isn’t as popular as it was meant to be?
The “well, why should I?” outlook on Apple Pay™ and other mobile wallets is causing merchants to refuse to implement this Near Field Communication (NFC) payment method.
There are no incentives, no discounts, lower transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... fees, or other perks to implementing Apple Pay™. Merchants still pay fees, and have to train employees about this new payment method, and business owners need to purchase new terminals and pinPersonal Identification Number used by a cardholder to authenticate card ownership for ATM or debit card transactions. The cardholder enters his/her PIN into a PIN pad. The PIN is required to complete an ATM/debit card transaction. pads to accept these transactions. (Not our merchants…see how you can get your FREE Apple Pay™ compatible terminalThe device by which a transaction is transmitted to the acquiring bank. here!)
And because so many merchants aren’t offering this payment method (700,000 merchants offering Apple Pay™ doesn’t cut it!), many people aren’t using NFC to purchase their goods and services. Why bother setting up Apple Pay™ for one store when you’ll have to use your plastic card everywhere else?
However, the bottom line is this: merchants are missing out on a major sector of the payments world when they don’t accept NFC transactions. Apple Pay™, Android Pay, Google Wallet, and others are growing – and competitors are jumping on the bandwagon and creating their own version of mobile wallets.
These new payment methods are trends, and consumers will get excited to use Apple Pay™ and NFC when it’s offered. Merchants, especially small merchants, need to see the potential for their business to accept Apple Pay™ and NFC transactions.
Everyone is looking down at their phones these days. Be a part of the reason why.