Is Apple Pay adoption tapping a nail into the wallet's coffin?

Golden Arches data points to big impact

Apple Pay usage suggests the death of the wallet is getting closer

It's still very much the early days of both tap payments and its hyped new star Apple Pay, but the signs are good for both according to some early statistics.

Apple in particular will be delighted that its Apple Pay appears to be gathering momentum, with data from McDonalds showing that, of the 14,000 US branches that are tap-to-pay enabled, 50% of those transactions are through its foetal service.

And Whole Foods suggests that it has already processed 150,000 transactions in the US from Apple Pay as well. Not bad at all.

Digital Nirvana

In the UK, PayWave - which utilises RFID chipped bank cards - has already proven to be popular and has quickly joined other widespread NFC options such as the London transport systems Oyster Cards.

The spectre of a completely digital wallet is clearly some years from becoming a reality, but the prospect of slimming down our leather friend is already here.

The phone is clearly a logical end goal for digital payments, and it appears that Apple's push into the area has heightened both the volume of payments and, perhaps more crucially, public awareness of the technology.

Via NYT

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