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Apple Pay Adoption Moved Slow, but 2015 a Big Year for Mobile Payments Overall

Apple CEO Tim Cook may not have had the year he was hoping for after saying that 2015 would be the year of Apple Pay, but it was a strong year for mobile contactless payments overall marked by increases in adoption and mobile payment volume, several more players entering the arena and multiple partnerships, acquisitions and commercial developments to foster the future of mobile payments. While it’s estimated that only 16.6 percent of U.S. consumers with a compatible iPhone have tried Apple Pay and this payment method is used in just 5.1 percent of transactions where it is supported by both parties, it was a catalyst for mobile contactless payments which doubled in volume for 2015 and are expected to triple in 2016.

According to eMarketer there were over 23 million proximity mobile payment users in 2015 that spent $8.71 billion, more than doubling from $3.7 billion spent via contactless POS mobile payment methods in 2014.

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