What happens when Apple Pay hits 100%? I am not talking about 100% merchant acceptance, as much of that is driven by an alignment of merchant interests – cost reduction, potential for increased sales and marketing etc. Instead, I am talking about coverage – the share of total available cards across US banks that can be provisioned into Apple Pay. Today, partly due to the diligence of networks in signing up banks for AP, cards that are responsible for 90% of total retail payment volume are now ready to be provisioned. Separately, I am told 90% of issuer portfolios will be tokenized by end of 2015. (Forget/Ignore Private Label and Discover, for the moment) Continue reading