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April 20th, 2015

Latest stats on Apple Pay

In this year’s trend presentation we predicted that Apple Pay would grow slowly in terms of in-store payments. The interpretation of slow is obviously different for everyone so we will let you make your own conclusion on the success of Apple Pay to date.

Here’s the latest data on Apple Pay from Phoenix Marketing International survey in March:

  • 66 percent of iPhone 6 owners had signed up for Apple Pay in the first four months.
  • 88 percent of those people had used Apple Pay to make an in-store or in-app purchase (this includes bookings, commerce, and any other services or products that can be purchased using Apple Pay through an app).
  • Almost half — 47 percent — said they went to a retailer that was supposed to accept Apple Pay, only to learn that the store didn’t actually accept Apple Pay yet.
  • ‎In cases where the service did work, 67 percent said they encountered some kind of problem. Those problems included:
    • transactions that took longer than desired (48 percent) whatever that means,
    • cashiers who were totally clueless about Apple Pay and who thus couldn’t help facilitate the transaction (42 percent),
    • transactions posted incorrectly or charged twice (36 percent),
    • payment terminals that didn’t work (27 percent)
  • 48 percent of those who have tried Apple Pay haven’t used it a second time, and the average user has made only 2.6 in-store Apple Pay transactions since the system was launched.
  • Among those who used Apple Pay in-store, almost half used it inside an Apple Store. About one-third used it in a Macy’s store, and 36 percent used it at McDonald’s.
  • Finally, there have been some reported security breaches but most are related to normal credit card fraud simply using Apple Pay.

Based on our definition of ‘slow’, in-store payments made with Apple Pay are still growing slowly. For even more on this read Pymnts article here. What do you think?

Please feel free to contact us if you have questions on Apple Pay or the stats and let us know your thoughts.

Tags: Apple Pay trends

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