Apple Inc. (NASDAQ:AAPL)’s mobile payment service, Apple Pay, has legs. Retailers that have already tapped into the secure mobile payment solution have reported an uptick in mobile transactions, which means that the service is working well for their top-line. In a recent update, Apple said more companies, mostly banks, signed up for Apple Pay, further escalating the adoption of the service.
Apple Pay is not the only mobile payment solution out there. Companies such as Verizon Communications Inc (NYSE:VZ) and AT&T Inc (NYSE:T) also have similar services. Google Inc (NASDAQ:GOOGL) also has a rival solution. However, the adoption of Apple Pay appears to be outdoing them all.
Apple Pay newcomers
In the latest enrollment, Apple Inc. (NASDAQ:AAPL) said dozens of banks and stores enlisted for Apple Pay. The new companies that recently signed up for Apple Pay include TD Bank North America, Barclaycard, and SunTrust. At least ten banks agreed to support Apple Pay in the recent weeks. A number of stores and startups also signed up to the service that is promising to change the way people purchase and pay for items.
The other newcomers to the world of Apple Pay include Amway Center, which is the home to the NBA team, Orlando Magic. Amway Center will integrate Apple Pay service in its food and beverage business to speed up transactions. Big-box retailer, Staples, Inc. (NASDAQ:SPLS) also accepts Apple Pay in its stores that number about 1,400 across the U.S.
A service that works
The early adopters of Apple Pay such as Whole Foods Market, Inc (NASDAQ:WFM) and McDonald’s Corporation (NYSE:MCD) have reported an increase in mobile transaction since signing up for the service. At McDonald’s, for instance, tap-to-pay transactions increased 50% after adding Apple Pay.
Huge market
Experts have cited that there is a huge market for mobile payment. They see the industry reaching about $142 billion in the U.S. over the next five years. Additionally, some experts have cited that Apple Pay transactions could reach $34 billion by 2019.
Apple Inc. (NASDAQ:AAPL) is also keen to take Apple Pay to the global market, especially in China where e-commerce is exploding.
