Noteworthy Numbers: Mobile money matters

The launch of Apple Pay and Google Wallet has created tremendous buzz in the retail industry, but has it created enough traction yet to become a necessity for your POS systems? We’ve broken down the stats to help you make an informed decision.

Apple Pay and Google Wallet are both mobile payment options that eliminate the need to carry a debit or credit card. Retailers can use devices at the register that will scan a phone (which has an encrypted version of the debit card number, so identity theft is a lesser possibility) and the payment is made through the patron’s bank account.

Sources: www.fastcompany.com/3041353/fast-feed/starbucks-mobile-app-payments-now-represent-16-of-all-starbucks-transactions
www.businessinsider.com/apple-pay-statistics-2014-12
www.statista.com/statistics/244496/average-spending-per-us-proximity-mobile-payment-transaction-user/