Apple Inc. (NASDAQ:AAPL) has launched its Apple Pay product to compete against some of the big names in the payment sector. But success of any payment product can only be achieved when the payment option gets support from banks, retail stores and many other partners. But, will any banks or retailers say no to a company like Apple Inc. (NASDAQ:AAPL). As expected, Apple starts to accumulate more and more partners to sign in to its Pay product. Dan Costa, PCMAC.com Editor-in-chief talked on CNBC about this.
CNBC’s Dominic Chu reported that Apple Inc. (NASDAQ:AAPL) has signed up more a dozen of retailers, banks and startups into the Apple Pay. Costa mentioned that Apple Inc. (NASDAQ:AAPL) has already got a lot of big banks onboard with its pay product. He added that the latest big banks to join the list are TD Bank and Commerce Bank.
“[…] even more interesting that they are signing up these local credit unions, so they have got the big banks, now they are going into the little banks and its really becoming ubiquitous,” Costa said.
He added that the little banks are going to get more customers than the big banks. Costa said that getting retailers onboard is helpful for Apple Inc. (NASDAQ:AAPL), but getting little and big banks onboard will make is a necessity, rather than an option.
Apple Inc. (NASDAQ:AAPL) has got a lot of retailers onboard and a lot more getting onboard slowly. Costa said that Apple Inc. (NASDAQ:AAPL) has not released any official numbers on the reach of Apple Pay product. Tim Cook pointed out that around 1 million users have registered their cards in Apple Pay. Costa pointed at some stats, which suggest that nearly 1% of transactions are already happening through Apple Pay, which he feels is a good number.
Costa mentioned that Apple Inc. (NASDAQ:AAPL)’s pay product can easily reach retailers, since they have the infrastructure. But, he thinks that the most important thing is to reach small coffee shops and shops like MacDonalds. He said that Square will be supporting Apple Pay starting from next year, which will be an opportunity for Apple to reach these small coffee shops.
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