In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
The Apple-zombie press is hyping up the Current C “postponement” as a victory for Apple Pay, yet it could be a serious defeat for Apple’s (NASDAQ: AAPL) payment app.
The danger for Apple; and Alphabet’s (NASDAQ: GOOG) Android Pay, is that Big Retail has concluded that app payment is a niche product that will not drive many sales. The retail giants’ executives think that contactless payment is simply not worth the time and effort.
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The retail behemoths could also be locking themselves out of a huge market, by not accepting mobile payments or contactless payments. Statista estimates that Americans will spend $210.45 billion in contactless payments by 2019.[2]
The number of contactless payment users is also growing dramatically, in 2014 16.4 million Americans used contactless payments, Statista found. That number grew to 23.2 million at the end of 2015. It is expected to grow to 37.5 million by the end of 2016, 50.2 million by the end 2017, 58.8 million by New Year’s Day 2019 and 69.8 million by the end of 2020.[3]
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