Apple executives say Apple Pay will change the world and don’t care if it’s slow now
On the morning of April 7th, an article published by the Wall Street Journal recently suggested that Apple executives seem to have very confident about the current slow development of Apple Pay, and believe that it can become the mainstream payment method used by users in the future, replacing the current status of credit card + cash payment. .
At present, the development of Apple Pay is still in its infancy, and it seems to be a bit slow. According to data from the research firm Creative Strategies, 40% of US consumers are currently worried that binding a payment card to the iPhone will not pose a risk, while more than 60% of consumers are not familiar with paying with the iPhone. The data from Nilson Report also shows that although Apple Pay's penetration rate has more than doubled in 15 years, only one-third of stores in the US support Apple Pay's payment methods, even stores like Wal-Mart and Target. Still not supported.
In this case, Braden More, head of Industrial Cooperation at Wells Fargo, questioned "If you can't use it anytime, anywhere, why do users choose Apple Pay?" In response to such doubts, Apple's answer is that Apple executives "don't want to promote" -- Apple Pay has rarely appeared in Apple's advertising since its release, and there have been only two ads about Apple Pay in the past three years.
The reason why Apple is not willing to promote is because of its confidence in Apple Pay. Apple believes that consumers will actively accept Apple Pay as iTunes, because executives believe it is faster and safer than existing payment systems. When the retailer didn't initially support it, the person said that Apple executives were reluctant to sell it and invest in retail terminals that would stimulate acquisitions.
In recent years, Apple has paid less and less attention to Apple Pay's slow development in recent years. Apple senior vice president Eddy Cue said in an interview that Apple believes that mobile payment will be an emerging industry and will replace existing payments in the future. In the way, we don't care if we need 2 or 3 years or more to reach that level. And Apple Pay's vice president Jennifer Bailey has begun to strengthen sales staff training, so that they can better promote Apple Pay to customers.
In the last fiscal year, Apple Pay generated $30 million in revenue for Apple, which is a slap in the face of $24.35 billion in annual revenue. However, Apple Pay is currently part of the service like iTunes and iCloud. Although it is small, it is still favored by Apple. Apple expects that these services will help the company double its revenue by 2021.
It is worth noting that this year, as the third year of its launch, Apple will re-negotiate the form of cooperation with banks and other institutions, which may bring new vitality to Apple Pay. However, in China's Alipay, WeChat payment has occupied a lot of mobile payment, and the momentum of development is still very fast, the time may be left to Apple Pay is not much.
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