The recent hype over Apple Pay may have created the impression that it’s about to take over the mobile payment world, but it has some significant challenges ahead of it.
For starters, the 225,000 merchants that allow you to use Apple Pay represents a tiny fraction of one percent of the over 9 million retail outlets in the US.
Since Apple Pay only works on their latest devices, a very small percentage of the smartphone carrying crowd can even use the service, so it’s the classic chicken and egg scenario.
Unless Apple decides to make the payment system available to Android users, which is highly unlikely, almost 60% of smartphone users will never be able to use it.
If you are one of the millions that upgraded to an iPhone 6, a new app from MasterCard can help you find retailers that accept Apple Pay near you.
The MasterCard Nearby app is actually available for iPhone, Android and Windows Phone users that want to locate contactless payment terminals wherever you go.
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