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Retailers Are Loving Apple Pay

by Steve Kovach, Business Insider

Apple Pay isn't even six months old, but retailers are already jumping on board.

When the service launched in October 2014, fewer than 250,000 locations supported it. Now, Apple Pay is accepted at over 700,000 locations including vending machines, according to an analysis by BI Intelligence.

Apple Pay requires retailers to have special near field communication (NYSEMKT:NFC) terminals at the register in order to work. NFC hasn't been widely adopted yet, but it is growing. At the same time, Samsung is working on its own answer to Apple Pay called Samsung Pay. With the upcoming Galaxy S6 phone from Samsung, you'll be able to use Samsung Pay with normal magnetic credit card payment terminals.

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