Apple Pay usage has stopped growing in the United States, according to a report

Apple Pay has grown rapidly in the past as a contactless payment solution, with brands including McDonalds, Best Buy, Walgreens and Chevron using the service.

It’s been five years since Apple launched Apple Pay in 2014, but the big-spending mobile payment feature hasn’t worked as expected. According to research figures, Apple Pay appears to have hit a snafus in 2019.

According to a new report released recently by CNBC, the data shows that while mobile payment usage is growing in many countries, it is still lagging behind in the United States.

A new report has reportedly provided an in-depth look at the use of mobile payment platforms such as Apple Pay around the world. The report explains that although the use of mobile payment services is growing in many countries, it has stagnated in the United States.

One of the drivers of consumer adoption of mobile payment services in other countries is their ability to replace cash. The reason mobile payments are growing rapidly in China and India is that economies such as China and India have long relied on cash. A mobile phone can do everything,cash has too many disadvantages compared to mobile payment, which is one of the reasons why mobile payment has become popular in both countries.

In India, regulators have been pushing for digitisation and cashlessness. Also, staying away from physical bills can add more tax, as cash transactions are often some not on the table. India has also increased requirements so that small amounts of bank transfers can be provided in real time and in a simpler way, so mobile payments in India can take off at an incredible rate.

In China, technology giants Tencent and Alibaba dominate, as they can deal directly with merchants and consumers and do not need bank cards as intermediaries, so banks are overshadowed in the race for users’ wallets.

WeChat is the biggest payment method for Chinese consumers in terms of mobile payment usage, with 84% of usage, followed by Alipay at 81%, according to Data from Bain. Cash usage was 64%, followed by debit and credit cards at 54% and 52%, respectively. Apple Pay ranks 17%.

Of course, the data is only a family talk, in terms of the use of friends around the situation, Alipay usage seems to be a little higher.

Mobile payment platforms such as Apple Pay are more attractive to consumers than carrying cash with them. In the United States, however, the credit and debit card systems are much more sophisticated.

Why does this happen?

In the United States, credit CARDS are the most common form of payment, used at 80% of the time, followed by cash at 79% and debit CARDS at 59%. Physical CARDS accounted for 53%, followed by PayPal at 44%. Apple Pay was just 9%, followed by Venmo, Zelle, Square, Google Pay, Facebook Messenger and SnapCash.

That means Apple Pay and other major mobile payment apps are less than 10 percent used in the United States. Given that iPhones are almost ubiquitous in the United States, this is a bit of a surprise. More than 81% of of Americans use a smartphone, up from 35% eight years ago, but the popularity of smartphones has not allowed mobile payments to take root in the United States., according to the Pew Research Center.

That’s because the U.S. has a well-developed credit and debit card payment system that doesn’t rely on cash transactions, making mobile payments popular in the U.S. very difficult and slow. But analysts say the U.S. financial system lacks the need for alternativeoptions.

This is just like the telecom market. Countries with 3G can quickly enter 5G in the future, while countries with 4G will be slower. After all, it is difficult to recover the investment of 4G in a short time.

Will Graylin, founder of LoopPay, a technology company owned by samsung, said merchants (and even early adopters) need to reach a threshold before they consider switching entirely to mobile payments. In his view, it would take at least 90% of the population to get 1% of consumers to change their habits.

On Apple’s earnings call last quarter, on the other hand, CEO Tim Cook announced growth in Apple Pay. Tim Cook said Apple Pay was growing faster than PayPal in terms of transactions and new users, but he did not specify how its payment service was growing in the United States.

In addition, this year Apple teamed up with Goldman sachs to launch a physical credit card that offers a 2% rebate on credit CARDS as well as support for Apple Pay, part of a push into Apple’s financial ecosystem.With this move, Apple Pay is expected to change its current stagnation in the United States.