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APPLE PAY: MARKETING CASE STUDY ANALYSIS QUESTIONS

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Apple Pay: Marketing Case Study Analysis on Apple Pay

On September 9, 2014, in front of a packed audience in Cupertino, CA, Tim Cook, the chief executive officer of Apple, announced the much anticipated launch of Apple Pay, “Our vision is to replace this [wallet] and we are going to start with payments.”1 He continued, “Payments are a huge business. Every day between credit and debit, we spend $12 billion in the U.S., and this business is comprised of over 200 million transactions a day.”2 Cook then invited Eddy Cue, Apple’s senior vice president of Internet Software and Services, to the stage to explain how Apple Pay would transform the mobile payments industry.
“Over $1 billion a day is spent on online purchasing,” said Cue. “That’s five million daily transactions just in the U.S. alone, and the process is really cumbersome. You’ve got these long forms to fill out for each and every app that you shop in.” He went on to explain how Apple Pay would allow consumers to complete the check-out process within apps with a single touch, and without the need to repeatedly enter their credit card information, billing address, or shipping address.
On October 20, 2014, U.S. consumers could start using Apple Pay in stores with their iPhone 6 or iPhone 6 Plus (and, later, Apple Watch) and within apps using iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3. All three major payment networks (American Express, MasterCard and Visa) and 220,000 retail outlets in the U.S. accepted Apple Pay at its launch—and more than 500 banks signed-on to bring Apple Pay to their customers. Within a month, Whole Foods reported more than 150,000 Apple Pay transactions and McDonalds processed half of its mobile transactions via Apple Pay.3 By March 2015, Apple Pay was accepted in 700,000 retail locations including Coca-Cola vending machines. “We are the fastest adopted mobile payment service by a long shot,” noted Jennifer Bailey, vice president of Apple Pay.
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