From The Editor | December 4, 2014

Apple Pay A Black Friday Bust?

Source: Innovative Retail Technologies
Erin

By Erin Harris, editor-in-chief

Erin Harris, Executive Editor

Last week, PYMTNS.com released an article discussing the findings of InfoScout’s survey, which polled more than 400 iPhone 6 or iPhone 6+ owners about their use of Apple Pay on Black Friday. The survey uncovered that only 4.6 percent of those who had the Apple Pay-enabled devices actually used them to pay for their purchases. InfoScout asked the 95.4 percent of those who didn’t pay with Apple Pay about their reasons for not doing so. Here’s what they found:

  • 31% did not know the store accepts Apple Pay
  • 25% forgot to use it
  • 19% did not have their phones handy

Further, InfoScout uncovered that 90.9 percent of iPhone 6/6+ users reported they haven’t used it yet. Of those, about 32 percent said it wasn’t clear to them how it worked, 30 percent didn’t see a need for it, and 19 percent were concerned about security. Indeed, retailers and consumers are concerned about the security of payments data, and this is an area in which Apple’s mobile payments work well. Apple Pay stores the user’s credit or debit card data as a code stored in the phone’s secure element, and the system generates a unique token to represent each transaction, making it difficult to steal data.

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