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Apple Pay Gaining Traction

Posted by Narvin Seemungal on December 24, 2014 in

Narvin Seemungal

Approximately 1% of digital dollars spent in November came via Apple Pay, according to figures released by ITG Research. Customers used Apple Pay about 1.4 times per week with a return rate to to same merchant of about 66%.

ITG suggests that these are strong preliminary numbers given that the Apple Pay service is only available with the latest iPhones and at a limited number of supporting merchants. Comparatively, Google Wallet, established in 2011, accounted for 4% of digital dollar payments in the same period. Apple Pay numbers are likely to continue rising given that about 60% of new customers used the application on multiple days through November.

Earlier this week, Apple announced that banks representing up to 90% of credit purchase volume in the US are now signed up to Apple Pay and that momentum with retailers continues to build.

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