Apple Inc. Apple Pay Adds More Merchants As It Pursues 700,000 Locations

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Apple Inc. (NASDAQ:AAPL)’s payment system, Apple Pay, continues to ramp up support, despite receiving resentment in its initial days, as the Cupertino-based company has seen its retail partners soar and now lists a total of 61 supporting stores. The newly added partners include Aeropostale, American Eagle, Coca-Cola Vending, Dan’s Fresh Market, Jamba Juice,  and Macy’s, among many more. The payment system is expected to be on a tear this year, especially with the unveiling of Apple Watch.

Apple Pay Expected Growth

Coca-Cola vending machines should be a big addition for Apple Inc. (NASDAQ:AAPL), as the beverage giant operates nearly 40,000 Apple Pay compatible machines and is in the process of adding another 100,000 by the end of the year. The new changes in the payment service informational web page also saw the expansion of the app buying section that now highlights 29 apps, like Postmates, KickStarter and Starbucks.

Apple Pay can now be used for app purchases apart from NFC-based touchless transactions. Apple Inc. (NASDAQ:AAPL) expects the platform to continue growing as more companies continue to be brought into the concept. The strong demand for iPhone’s should also have an impact on the growth of the platform as most of the owners are expected to resort to the system for making transactions.

Apple Pay Targeting 700,000 Locations

Marriot and Etsy have already pledged support for the payment system with GameStop having announced plans to roll out support in stores later in the month. Apple Inc. (NASDAQ:AAPL) has already activated a FAQ page that should support the system by offering answers to questions related to the service while helping independent merchants get started.

CEO, Tim Cook, has aired his belief that Apple Pay could be made available in more than 700,000 locations by the end of the year with the addition of partners like the federal government. The addition of the payment service for use in national parks and USA Technologies should be a big leap for the system in accumulating a substantial amount of the market share. The hardware company is also expanding to more banks to ensure it is able to support as many users as possible.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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