Many retailers still skeptical about Apple Pay

A survey conducted with the top 100 retailers in the United States has revealed that most of them are still not sure about accepting mobile payments using Apple Pay.

Apple launched its payment system alongside the launch of the iPhone 6, back in September last year. However, the service has failed to gain much momentum mainly due to retailers' lack of support. Now, results from a survey conducted by Reuters have indicated that the situation might not change anytime soon as retailers continue to wait for the demand for the service to increase.

The survey took into consideration the top 100 retailers from the National Retail Federation. Nearly 25 percent of those surveyed said that they haven't seen enough demand to justify the cost of setting up the technology for accepting payments while some have mentioned the lack of access to the transaction data as a reason for holding out on implementation.

A few retailers also mentioned that they were waiting for a competing payment service being developed by a group of retailers. There are at least two more services coming out in the near future in the form of Google Pay and Samsung Pay, which could also be a reason for merchants to wait as those services are expected to work with existing hardware, effectively reducing costs.

Although, the current market for mobile payments is very small, analysts have predicted that it will rise faster as more players enter. However, only time will tell when retailers will jump on board and support the various services that are set to launch in the future.

Source: Reuters

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