“We completed our annual Apple Pay review and found year over year growth has been impressive with active users more than doubling (source: Apple), transactions more than tripling (source: Apple) and online merchant adoption increasing by ~50% (source: Loup Ventures),” Gene Munster writes for Loup Ventures. “That said, we believe only 16% of global iPhone users have turned on Apple Pay.”
“We checked the Top 100 retailers in the U.S. for Apple Pay compatibility for online (desktop, mobile and apps) and found the growth of adoption has been high (9 to 85%), but off of a small base. The total number of these retailers supporting Apple Pay online now ranges between 14-24%,” Munster writes. “The number of banks globally that support Apple Pay increased in the past year by 41% to 2707 banks. We believe there are 127m global active Apple Pay users, up from 62m a year ago. This represents 16% of the active iPhone base.”
“International accounts for 11%, and U.S. for 5%. Said another way, 89m people use Apple Pay globally, 38m in the US,” Munster writes. “Between 20 and 30% of U.S. iPhone owners use Apple Pay. ~30% of new iPhones are activating Apple Pay. There are 795m active iPhones worldwide.”
Read more in the full article – recommended – here.
MacDailyNews Take: Slowly, but surely. It takes time to change ingrained habits. We use Apple Pay whenever possible, and have since its inception, but we understand we’re in the small minority. Still, whenever we pay with Apple Pay (which is almost daily at this point), there’s invariably somebody in line who shows interest that we just paid with our Apple Watch. As more Apple Watches show up on wrists, we believe Apple Pay usage will increase as it’s the easiest way to pay via Apple Pay. Plus, Apple Pay Cash just debuted last December, so more time in the market is required for people to get up to speed with contactless payments vs. the old methods of paying with credit/debit cards and/or cash.
We agree with Munster’s take: “We remain optimistic that Apple Pay will gain widespread adoption over the next 3-5 years given integration OS and iOS makes it the easiest to use digital wallet.”
SEE ALSO:
Apple Pay now accepted in 50 percent of U.S. stores and is the world’s most accepted contactless payment system – January 31, 2018
watchOS 4.2 delivers Apple Pay Cash to Apple Watch – December 5, 2017
Apple Pay now in 20 countries, takes 90% of all contactless payments where active – October 24, 2017
Apple Pay is proliferating, and the banks are scared – October 18, 2017
Apple Pay likely to get boost from Visa and Mastercard mandating contactless payment terminals – August 21, 2017
Apple Pay usage estimated to rise sharply in United States due to frustration with slow Chip-and-PIN cards – August 21, 2017
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
I wish there was not a 3% charge when using Apple Cash to send cash to someone. 😟
There isn’t when it’s set up to use your debit card. The 3% charge is only for credit card cash transactions, which to the card issuer look like cash advances.
ChrisH1961 —
Thank you for the distinction; However, I do not use a debit card.
There is no way to send money using credit cards and not pay for the privilege. When you pay for goods/services using your credit card, the merchant (the business receiving your payment) absorbs that 3% fee. For them, it is the cost of doing business.
To send cash to someone, you have to use a cash (debit) card. Otherwise, you are paying with credit, which is a service that costs 3% of the value of that transaction.
When you use a credit card, you aren’t sending cash to someone; you are borrowing from your bank to send some money, and that has a cost.
I’ve done multiple cross country and long distance drives with Apple Maps over the last year and find it to be excellent, mostly. On rare occasions there have been glitches that take me off the beaten path, only to return me back to the exact same beaten path – infuriating.
On the other hand, the ability to zoom in and out quickly by tapping the information window is a god-send. Zoomed out the driver is given multiple options along the drive with key information that say X minutes longer or short or similar ETA. And I also play close attention when maps suggests a faster router while enroute, based on traffic.
I find Apple Maps MUCH easier and cleaner to use than Waze and Google Maps. Waze voice alerts are exceedingly annoying and the user interface is a kluge. I used to use Waze when I absolutely, positively could not afford to be late but found it distracting and not worth the effort, especially while driving. Unsafe, imho. Google Maps has some very useful features, but again, not as simple and clean. The overall Apple Maps experience is best for me. I experimented heavily before reaching this conclusion. To each their own.
Might want to repost this in the comments section of the Apple Maps vs Google Maps vs Waze article.
Just showed two more people Apple Cash on Monday. They had no idea its just a text message option.
Local gas station (Chevron) just put in new terminals at the pump that allows me to use my watch to ApplePay. Even I was shocked at that one and had my credit card out just in case.
I have apple pay setup in the phone, but the stores where I shop don’t have it set up.
For those wondering if a maps discussion has anything at all to with ApplePay, it actually does. You can go into AppleMaps and type in “Apple Pay” and it will show locations in the area that take ApplePay. I find this to be mostly accurate iand very helpful, although occasionally there may be a merchant not taking it when it may say it does.
My stupid bank has yet to enable Apple Pay for Debit Card purchasing. Until that happens, I’m frozen out of this convenience. This is my only gripe with my bank. I will not move back to the giant conglomerates that do have this tech, but nickel and dime you for everything.
Our credit union keeps dragging its’ feet on the issue for some stupid reason. I bought my wife an Apple Watch for Christmas and it would be great if she could use it with Apple Pay.
Dude, just change bank! Or get another credit card that plays nice with Apple Pay. Discover and Fidelity cards work fine.
Maybe Apple should advertize Apple pay and its convenience a lot lot more…
I don’t think many are aware of its security and super ease of use on tye iPhone and specially Applewatch.
Bombard the media channals with commercials Apple.
Maybe if Apple activated Apple Pay in more countries that % number might go up? Apple Pay isn’t available in my country, so….
Spot on with this ԝrite-ᥙp, Itruly Ƅelieve that this web site neеds a lot more attention. I’ll pгobably be bacҝ agaіn tⲟ гead more, thankѕ for tһe information!