7-Eleven announced in a press release that Apple Pay and Google Pay will be accepted in most of its U.S. stores throughout September. This follows 7-Eleven’s previous acceptance of Samsung Pay.
“Frictionless experiences are in the future, and digital payments are key to such experiences. Consumers prefer shopping at retailers that offer digital payment capabilities,” said Gurmeet Singh CDO and CIO of 7-Eleven. “The ability to pay with their smart device gives consumers one more reason to shop at 7-Eleven.”
The press release points out the security, privacy and simplicity of Apple Pay and Google Pay. There is no doubt in my mind that there are plenty of people reaching for their smartphones, instead of their wallets, whenever they want to make a purchase. But, I don’t see that being the majority of people who make purchases at 7-Eleven.
7-Eleven is a convenience store. It’s a great place to go when you are traveling and need to pick up some quick snacks and a soda. It is where you go when the grocery store is closed and you just need a couple of household items. In other words, 7-Eleven isn’t competing for customers with local restaurants or stores that sell expensive electronics.
InfoScout says that 7-Eleven customers are generally low income young adults. As a group, their average “basket size” is $15.66. I’m unconvinced that 7-Eleven’s customers are going to spend more money, or visit the store more often, as a result of Apple Pay and Google Pay being accepted forms of payment.