Apple Inc.'s new mobile payment system, Apple Pay, which just launched three weeks ago is already continuing to grow in popularity among many major retail companies, reports The New York Times.

Apple Pay is a feature that essentially acts as a mobile wallet. At participating locations, consumers are able to make purchases by simply using their smartphone, rather than having to use cash or cards.

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Since the launch of Apple Pay, retailers including grocery chain Whole Foods have received more than 150,000 transactions using the feature, and drugstore chain Walgreens has seen double the amount of mobile transactions in its stores.

In addition, McDonalds, one of the most popular fast food chains in the world, accepts Apple Pay. The company says more than 50 percent of its "tap-to-pay" transactions came from customers using the Apple Pay feature.

Apple is now in direct competition with companies in the mobile payment industry such as Google's Google Wallet and AT&T's Softcard. However, to New York Times, the release of Apple Pay has only generated more awareness for their services.

Softcard CEO Michael Abbott says the app has been downloaded more often and already registered members are even using the service more since the launch of Apple Pay.

While Apple Pay may not be the most used payment system yet, analysts believe the increasing number of consumers and companies using the feature could one day lead people to ditch their wallets altogether and turn to easier more practical mobile transactions.

The increase in popularity for Apple Pay this early is substantial considering the mobile payment system is only supported for consumers with the latest iPhone 6 and iPhone 6 Plus smartphones. Apple can certainly expect a drastic increase in mobile transactions once Apple Pay becomes more readily available. 

TagsApple Inc., mobile payment, Mobile transactions, Whole Foods, Mcdonalds, Google Wallet, Softcard