“There are many ways to look at a new product launch especially one as multifaceted as Apple Pay. Resident dismal economist David Evans says this latest mobile payments scheme is fizzling but has been roundly criticized for being impatient, not to mention cranky,” PYMNTS reports. “And maybe here’s the proof from a new report that says the folks in Cupertino have ‘the ability to significantly transform the mobile payment space.'”
“That’s the conclusion of ITG anyway. Their new Investment Research Report on Mobile Payments on Apple Pay is upbeat,” PYMNTS reports. “It found that Apple Pay was responsible for 1 percent of digital payment dollars in November 2013. Google Wallet by comparison accounted for 4 percent of digital payment dollars. The ITG report notes this and that Google has been in existence since 2011, whereas Apple Pay got up to 1 percent in less than a month.”
“ITG also notably found that 60 percent of new Apple Pay customers used the service on multiple days through November and that Apple Pay customers used the service roughly 1.4 times per week. Apple’s mobile customers also liked to reuse the service, roughly two-thirds of the time they returned and reused the service after one success with a merchant,” PYMNTS reports. “The report that Apple Pay’s strong early momentum could pose a particularly strong threat to dominant online payments player PayPal…”
Read more in the full article here.
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