The second largest hardware chain in the United States has finally decided to support Apple Pay. For those who don't know what Apple Pay is, it is the mobile payment service that allows an iPhone user to select a credit, debit, or prepaid card in the Wallet app and tap the phone versus a POS machine (it stands for point of sale, probably not what you were thinking) to complete a transaction at a retail store.
You don't have to fumble for your wallet to retrieve your credit card, especially when you're bundled up to stay warm in the freezing cold, and you don't have to worry about your card information being stolen by a skimmer placed inside. a card slot by a criminal. It's so convenient and it doesn't cost you anything to use. Apple collects 0.15% of the value of each transaction made with Apple Pay. This means that on a $100 transaction, Apple earns the princely total of 15 cents.
But this is a volume business after all, and with so many people using Apple Pay, the service is expected to generate $4 billion in revenue for Apple this year, more than double the $1.9 billion that Apple Apple Pay raised for Apple in 2022. This year, Apple promoted Apple Pay with a
series of advertisements. And now, after a long absence, Lowe's is adding Apple Pay support to its 2,100 U.S. locations.
This is a smart move by Lowe's and an attempt to take business away from the number one computer hardware chain in the
United States, since Home Depot does not support Apple Pay. Walmart is another major retailer that doesn't support Apple Pay. Eight years ago, we told you that America's largest discount retailer had launched its own mobile payment service, imaginatively titled Walmart Pay (that's what we in the business call sarcasm).
Using Walmart Pay requires you to install the iOS or Android version of the Walmart app on your phone. Earlier this year, Kroger tried to put some pressure on rival Walmart by accepting Apple Pay for the first time starting last April.
It would be a big deal for Apple if Walmart added support for Apple Pay like Lowe's did, because ultimately Apple Pay's continued growth will have to come from adding more retailers, especially huge chains that previously held back support. for the service.
If you're like me, you have that feeling when Face ID verifies you and “ding” sounds, indicating that your payment via Apple Pay has been accepted. And we're convinced Apple likes that sound too, because it means more money, even in nickels and dimes, is being added to its coffers.
