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Apple Pay is being used on one in three iPhones, analysts estimate

Loup Ventures

It seems that the payment service is increasingly a part of the Services category in Apple’s quarterly revenue. A record growth in the last months and that seems to have no limit at the moment.

Apple Pay is being used on one in three iPhones, analysts estimate
Apple Pay is being used on one in three iPhones, analysts estimate

It is estimated that in the last year, 31% of iPhone users have made a purchase with Apple Pay . Compared to 25% of users two years ago. In other words, now one out of three iPhone users pays occasionally or regularly with the Apple phone or watch.

Number of transactions with Apple Pay according to Loup Ventures

As always, Apple does not provide official and accurate data on how many people are using Apple Pay. However, in the last financial results Tim Cook said that there were more than one billion Apple Pay transactions in the third fiscal quarter of 2018. This was 200% growth in twelve months, according to Tim Cook.

The funny thing about Apple Pay is how its expansion is developing. Contrary to what we might think, it is outside the United States where it is being most accepted and used. The culture of cash and checks means that card payment is not as common in Apple Pay’s home country. I, for example, was very surprised when some colleagues in the United States were amazed to see how many places they could pay with Apple Pay in Spain and Europe in general.

Adoption by banks is growing steadily. According to Apple data there are 4,900 banks that have already joined the service , of which 1,701 have done so in the third fiscal quarter of 2018. Where else is it growing? In Europe, with 370% and in Asia with 141% growth. Overall, according to analyst Gene Munster, Apple has 85% of Apple Pay users outside the United States.

Apple Pay is currently available in the United States, United Kingdom, Australia, Canada, Singapore, Switzerland, Hong Kong, France, Russia, China, Japan, New Zealand, Spain, Taiwan, Ireland, Italy, Denmark, Finland, Sweden, United Arab Emirates, Brazil, Ukraine, Norway and Poland. It will also arrive in Germany at the end of the year.

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