Report: Apple Pay claimed 1% of all digital payment dollars in November
Apple Pay, a mobile payments service in relative infancy, is showing impressive early adoption numbers according to a new ITG Investment Research Report on Mobile Payments. The report indicates that Apple Pay accounted for one percent of digital payment dollars during the month of November.
To put this achievement in perspective, Google Wallet, launched back in 2011, accounted for only 4 percent of digital payment dollars over the same period.
According to the report Apple Pay customers are engaging with the NFC powered payment service extensively, with 60 percent of new Apple Pay customers using the service on multiple days during November. By comparison new PayPal customers showed far less engagement, with only 20 percent of users using the service on multiple days over the same time period.
On average, Apple Pay customers used the service 1.4 times per week during November and 66 percent used Apple Pay at the same merchant for future transactions. Further data from the report shows that the average consumer used Apple Pay for roughly 5.3 percent of all future card transactions and 2.3 percent of all future card dollars spent.
The top five Apple Pay retailers, as revealed by the report, accounted for 58 percent of all Apple Pay transactions during November. The list shows Whole Foods Market Inc. in the number one spot with 20 percent of all Apple Pay transactions and 28 percent of all Apple Pay dollars going to the organic food retailer. In a close second place is Walgreen Co. with a 19 percent share of Apple Pay transactions and 12 percent of total Apple Pay dollars.
McDonald’s, Panera Bread and Subway took the third, fourth and fifth spots respectively.
Since launching Apple Pay on October 20, Apple Inc. has not revealed much about the mobile payment service’s success, but Apple CEO Tim Cook confirmed that the service saw one million card activations in the first 72 hours. Strong brand recognition has also lead to early success for Apple Pay and it is gaining support from banks. There are even rumors of an expansion to Europe after Apple advertised a job as part of a London based team tasked with rolling out Apple Pay across the region.
Main image: via Apple Inc.
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