Apple’s payment platform goes live today, but the company admits it will struggle to pull in huge numbers of users immediately.
Apple’s senior VP of software and services, Eddy Cue, reckons Apple Pay still has a long way to go
“There’s a lot to do here and we have a lot of work to do, but it should be huge,” explains Cue.
“We’re trying to do something that I think is a game changer and it requires a lot of people to play together.”
Apple is predicting curved growth, whereby more people will take up the service faster as they hear friends and colleagues recommending it.
Cue also said that he thinks the majority of early Apple Pay transactions will be in-app purchases.
Currently the Touch ID fingerprint sensor allows apps to be purchased from the store, but Apple Pay will enable users to authenticate purchases within apps via Touch ID, too.
Apple’s iTunes already sees more revenue from purchases than its rival’s app stores, so it’s unsurprising that microtransactions would make up a big chunk of initial Apple Pay turnaround.
Apple Pay also lets iPhone owners make purchases in brick-and-mortar stores using their handsets, although many partners are still waiting on NFC terminals to be delivered.
A lack of NFC-friendly vendors at launch is sure to be another retardant for Apple Pay uptake.
Apple Pay is set to launch as part of iOS 8.1 on October 20, although the release is strictly on US soil for now.
Read more: What is Apple Pay?