Apple expands its mobile payments service

iphone 6 apple pay qr codes mobile security

Apple Pay could be on track to being accepted in more than 1.5 million locations in the US

Apple’s mobile payments service is gaining momentum in the United States as the company prepares to launch the service in new markets in the near future. During Apple’s latest earnings call, CEO Tim Cook noted that Apple Pay will soon be accepted at more than 1.5 million locations throughout the country. Apple has also announced an expansion to the service that may be able to help the company achieve this ambitious goal by the end of the year.

PayAnywhere is now connected to Apple Pay

The company has announced that its mobile payments service will now work with PayAnywhere, a credit card reader that already serves some 300,000 locations throughout the country. The latest version of PayAnywhere will be available exclusively through the Apple Store and consumers interested in participating in mobile shopping may find the expansion quite useful.

Security is still a major concern for consumers

iphone 6 apple pay qr codesWhile Apple Pay has been gaining popularity, many consumers are still somewhat wary when it comes to mobile transactions. This is typically because of security concerns, as the mobile payments space has become targeted by malicious groups that seek to exploit financial information. In the past, several retailers have been targeted by such groups, which have taken advantage of faults in their mobile payments systems. Apple Pay employs biometric technology that adds another layer of protection to consumer financial information, which has made the service somewhat more secure than its competitors.

Expanded service may secure new growth opportunities

Backed by PayAnywhere, Apple Pay may become more attractive to consumers interested in mobile payments. According to a recent report from Forrester Research, consumers spent more than $52 billion in mobile payments in 2014. The report predicts that this will increase to $142 billion in mobile transactions by 2019. Consumers have shown favor for mobile payments because of its convenient nature. If Apple can find a way to assuage the security concerns of more consumers, its mobile payments service could find significant growth in the future, especially as it becomes available outside of the United States.

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