Apple Pay has already become the fastest growing mobile wallet but the only thing holding it back is the limited number of retailers that accept it. A new study has found that PayPal is still leading the mobile payments race with 13% of retailers accepting it more than any other alternative payment type.
Boston Retail Partners surveyed the top 500 retailers in North America and found that only 8% currently accept Apple Pay, but Apple’s mobile wallet is expected to make a big push this year and take the top spot with nearly 40% of big shops in the U.S. accepting Apple Pay by the end of 2015.
Here’s the full breakdown:
Apple Pay is expected to leapfrog PayPal this year, but PayPal could strike back in 2016, with 31% of retailers saying they plan to accept it within 3 years.
Unfortunately for Apple Pay’s big rival CurrentC, only 21% of retailers plan to accept it as a payment type within the next three years. Most retailers are still taking a wait and see approach with mobile payments. By 2018, Apple Pay is projected to be accepted by 56% of retailers, while PayPal could possibly still be in front with 62%.
I suspect we’ll see a the top players start to break away from the rest of the pack by the end of the year, especially once Apple Watch launches and brings Apple Pay functionality to even more customers. No matter who comes out on top, the biggest winners will be consumers. In the next three years, you should finally be able to leave your wallet at home and still be able to buy your skinny jeans with the tap of your hand.
Source: Boston Retail Partners