Apple Pay gains traction with 1 percent of November digital payments

Wednesday 24 December 2014 10:04 CET | News

Mobile payments are reportedly getting a boost through Apple Pay, a recent report from ITG Investment Research reveals.

According to the recent report, Apple Pay accounted for 1% of mobile payments in November, including the busiest shopping weekend of the year, which kicked off with Black Friday. Out of the customers with access to Apple Pay, 60% used it multiple times in November. By comparison, only 20% of new PayPal customers used the service multiple times in the same period. ITG expects Apple Pay customers to use it for 5.3% of future credit card transactions and 2.3% of all future credit card dollars spent, according to its findings.

The report also adds that of merchants that accept the service, Whole Foods saw 20% of all Apple Pay transactions, followed by Walgreens with 19% as well as McDonald’s, Panera Bread and Subway, which together accounted for 58% of Apple Pay transactions in November 2014.

The source concludes that Apple Pay is far from taking over the mobile payment space, with 78% going through PayPal. But it has gained some traction in just a short period of time, including the registration of 1 million credit cards within 72 hours of the launch of the service.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Apple Pay, November, digital, payments , mobile payments, mobile, payments , ITG Investment Research, Black Friday, PayPal
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce