Apple Pay Users Satisfied, but Usage Is low and There's 'Long Adoption Curve Ahead,' Report Says
A financial institution can expect 1-2 percent of cardholders to use Apple Pay two or more times, said First Annapolis Consulting, on results of a survey on U.S. mobile payments. The survey of 1,300 households, including 580 iPhone 6 users,…
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indicated awareness of Apple Pay is “quite high” among iPhone 6 owners, at 84 percent, but a “long adoption curve is ahead,” said principal Hugh Gallagher. Twenty percent of iPhone 6 owners said they used Apple Pay at least once, down from 22 percent in a survey last spring. Of Apple Pay adopters, 15 percent use it more than once per month, down from 19 percent in spring, said the report. On average, it said, Apple Pay users have loaded 2.3 cards into the Apple Wallet app: 75 percent credit, debit or prepaid cards and 25 percent retail store or loyalty cards. Physical point of sale terminals remain the primary channel for Apple Pay purchases, with 66 percent of Apple Pay users buying in-store versus 52 percent via app, it said. Among those who have used Apple Pay, 60 percent said they were “very satisfied” with the experience and 94 percent “somewhat satisfied.” While early adoption of Apple Pay isn't as high as expected – and has plateaued since the October 2014 launch – usage is likely to increase as the number of mobile payment solutions grows and merchant acceptance of mobile pay expands, Gallagher said.