Apple Pay business won’t be built in a day

While Apple Pay promises to revolutionize purchasing, it will take longer for consumer adoption to catch up to the hype.

Given the relatively small user base with access to the pay-by-iPhone technology, industry experts predict a slow start for the new payments platform that rolls out Monday.

"It's going to take a fair amount of time before this [Apple Pay] gains any notable traction," said Scott Kessler, head tech analyst with S&P Capital IQ, noting the "small user base" that has access to the product.

Apple's "digital wallet" is only available to people who have the latest gadgets, such as the popular iPhone 6. Earlier devices lack the NFC technology needed to make in-store purchases with just a tap against a special receiver at the cash register.

Apple, which reports quarterly results on Monday, will likely talk about how its new phones have been selling like hot cakes, including 10 million in the first weekend alone. But that's still a fraction of the 173 million US consumers who owned a smartphone at the end of June, comScore data show.

Anyone who wants to use Apple Pay starting Monday has to first get the latest iPhone or iPadBesides the newest Apple devicesand the latest version of Apple's mobile operating system, consumers must add their credit cards to Apple's Passbook app by typing the information in manually or scanning it.

The next step is to find a retailer that supports Apple Pay. Apple has won backing from the credit-card giants, the major banks major financial institutions and retailers for Apple Pay, including Visa, MasterCard, American Express and the nation's six largest banksand more than 220,000 stores, including . It also has 220,000 stores, including Wegmans grocery chain and Bloomingdale's, accepting contactless payments in stores as well as online.

Sherri Haymond, a MasterCard executive who has been testing the service since September, said she has been using it in unexpected places, including a New York City taxi.

"I held my phone up to the taxi, there was a check mark and it said 'you're done,' " she said of her recent high-tech taxi ride.

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