A new research examining mobile payment trends since the October 20th launch of Apple Pay shows that Apple is gaining traction in the space. In the month of November, Apple Pay captured 1 percent of the digital payment dollars and among new users, Apple Pay was used regularly three times as much as rival service PayPal.
The data released from ITG Investment Research based on the company's mobile payments report shows:
- 60% of new Apple Pay customers used Apple Pay on multiple days through November, suggesting strong customer engagement. In comparison, New PayPal customers used the service on multiple days during the same time period just 20% of the time.
- Apple Pay customers used the service roughly 1.4 times per week and used Apple Pay at the same merchant for future transactions roughly 66% of the time.
- Upon adoption of Apple Pay, the average consumer uses the service for approximately 5.3% of all future card transactions and 2.3% of all future card dollars spent.
And while Apple Pay only captured 1 percent of the digital payment dollars, Google's similar and competing Google Wallet service, which launched a few years ago in 2011 only captured just 4% given its lead to market.