Apple Pay's First Year Seen as Forgettable (AAPL)

Apple's (Nasdaq: AAPL) payment platform, Apple Pay, is at its one-year anniversary and the general consensus is that so far the product has been underwhelming.

Bloomberg, citing data from Aite Group, said Monday that Apple Pay accounts for about 1 percent of all retail transactions. Hampering growth has been lack of promotion, limited number of terminals, and the service only being available on newer iPhone handsets.

Kantar WorldPanel also said recently that about 75 percent of iPhone 6 and iPhone 6 Plus owners havent' event tried out the service.

Expectations call for relatively slow growth for Apple Pay over the next three to five years as more and more users become familiar with the payment system.

However, the switch to EMV (Europay-MasterCard-Visa) payments, which require a special chip in consumers' credit and debit cards, could increase transaction times and push more people to seek out alternative payment methods.

Shares of Apple are down around 0.7 percent.

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