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  • Apple Pay's First Month of Service Accounts for 1% of All Digital Payment Dollars


    Research firm, ITG, recently released a report that stated Apple Pay’s first full month of service accounted for 1% of all digital payment dollars. This suggests that Apple’s payments solution is being used by general consumers as opposed to just early adopters. ITG’s numbers point to strong consumer engagement with 60% of Apple Pay users making multiple purchases throughout November according to MarketWatch. In comparison, roughly 20% of customers who recently signed on to PayPal’s competing mobile solution used the service more than once over the same period.

    The report pointed out that the average Apple Pay user clocked roughly 1.4 transactions per week. The Cupertino California company first activated the service on iPhone 6 and iPhone 6 Plus handsets with an update to iOS 8 in late October. On a per-merchant level, Apple Pay exhibited what was classified as “stickiness” as customers who tried out the service continued to use it for future purchases at the same retailer about 66% of the time. After adopting Apple Pay, the average consumer returned to utilizing the service for about 5.3% of all future card transactions and 2.3% of all future card dollars spent.

    The research also assigned numbers to top Apple Pay retailers including Whole Foods and Walgreens. This accounted for 20% and 19% of all Apple Pay transactions in November. Whole Foods was also responsible for 28% of Apple Pay dollars although Walgreens generated a lower per-transaction value to account for 12% of total dollars. McDonald’s and Panera Bread trailed with 11% and 6% of transactions with Subway rounding out the top five with a 3% share.

    According to ITG, Apple Pay is a viable threat to PayPal’s dominant position in the mobile payments sector. Although PayPal has a head start, the fact that Apple Pay has a seamless integration with the iPhone’s Touch ID fingerprint recognition system is considered to be a more convenient and secure option for consumers. As of right now, Apple Pay is currently limited to the US but new job listings in both China and Europe indicate that an international rollout is impending.

    Source: ITG, MarketWatch via AppleInsider
    This article was originally published in forum thread: Apple Pay's First Month of Service Accounts for 1% of All Digital Payment Dollars started by Akshay Masand View original post
    Comments 6 Comments
    1. bisayakid07's Avatar
      bisayakid07 -
      I used apple pay in whole foods, Mc Donalds and apple store so far. And I felt secure using it. IMO
    1. luvmytj's Avatar
      luvmytj -
      I use it everywhere I can. Some POS units that don't show the symbol still work. Even my tiny local grocery store has it.
    1. rockyseay's Avatar
      rockyseay -
      I used it once and didn't really find it that convenient. It's cool to have that option though.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by rockyseay View Post
      I used it once and didn't really find it that convenient. It's cool to have that option though.
      I'm curious, why having not used it. Is it not simply tap and leave?
    1. rockyseay's Avatar
      rockyseay -
      Quote Originally Posted by SpidermanAPV View Post
      I'm curious, why having not used it. Is it not simply tap and leave?
      So you put your phone next to the terminal, and it will show you a notification to choose you card. Then you use your Touch ID to verify the payment. Might save you 3 Seconds
    1. bmwraw8482's Avatar
      bmwraw8482 -
      Quote Originally Posted by rockyseay View Post
      So you put your phone next to the terminal, it will show you a notification to choose you card Snd then you use your Touch ID. Might save you 3 Seconds
      3 seconds at a time adds up...