Why Mobile Payments Aren't Gaining Traction With Small Businesses
A year after the launch of Apple Pay and five months into Google’s Android Pay service, it seems like mobile payments have finally caught fire with the public. Thousands of banks and retail giants have jumped onboard, yet small businesses—which account for more than 90 percent of businesses in the country, according to the U.S. Census Bureau—are so far responding with a collective meh.
“I would say it’s been a fairly negligible adoption rate so far,” says Jordan McKee, senior analyst covering mobile payments at 451 Research in Boston. “There hasn’t been a tremendous amount of interest given the cost of upgrading terminals to accept NFC payments.”
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