As per the numbers posted by analyst firm Loup Ventures, Apple Pay had around 127 million users globally at the end of 2017. In comparison, the service had around 62 million users at the end of 2016. When one accounts for the 795 million active iPhones out there, this means that Apple Pay has around 16 percent adoption.
However, this does not take into account the fact that Apple Pay is not available worldwide, and in certain markets where it is available, it is severely limited. The firm believes that Apple Pay will see widespread adoption over the next 3-5 years.
The launch of Apple Pay for the web has also given the service adoption a boost, with online merchant adoption increasing by 50 percent. Additionally, Apple Pay is globally supported by 2700+ banks — a 41 percent increase on a yearly basis. Interestingly, the firm estimates that out of the 16 percent Apple Pay users out there, 11 percent are international users, while the remaining 5 percent are in the United States.
The adoption of Apple Pay has been slower than what Apple anticipated when it launched the payment service. And yet it is surprising to see the adoption being slower in Apple’s home market despite a strong push from the company. Perhaps, this can be seen from the fact that out of the top 100 U.S. retailers, only 24 accepted Apple Pay for in-app transactions. Despite the slow adoption though, Apple Pay dominates the NFC payment transactions market with over 90 percent of the market share.
What do you think about Apple Pay? Are you satisfied with it? Or do you find it lacking in many regards which is why you have stopped using it altogether? Do share your thoughts with us through the comment section below.
[Via Loup Ventures]