Apple Pay launched in the US in late 2014 for the iPhone, and later for the Apple Watch in 2015. It has since expanded to many more countries around the world. More and more banks and other financial institutions are supporting it every day. A new study shows a steady growth in the use of Apple Pay in the US, but it still has a long way to go before it is used by a significant number of credit card owners.
The study comes from TXN, which is a company that looks into consumer spending numbers in the US. In its survey of the transactions made by three million payment cards, the company says that the use of Apple Pay went up by 50 percent in 2016 compared to 2015. It’s not a surprise to learn that Apple Pay was most used by people who accessed mobile apps and web sites. TXN stated that its numbers showed the HotelTonight app was the most used by its survey customers on Apple Pay, followed by the food delivery services Caviar, Postmates and DoorDash. Apparently, Apple Pay is popular for people who want to book rooms or order food on the go.
Among old-fashioned brick-and-mortar retail stores, the leading Apple Pay companies are the drug store chain Duane Reade and the Whole Foods grocery store. This is not exactly a shock since both of them supported Apple Pay since it launched in 2014. The online grocery web site Boxed.com got the biggest number of Apple Pay users in terms of retail web sites in 2016, followed by the gift card selling site Raise.com and Jet.com, the retail site recently acquired by Walmart.
The company notes that while Apple Pay use is still rising, it is still only being used by a small percentage of credit card owners. That means the service still has lots of room to grow. However, Apple Pay is also seeing more competition from rivals like Android Pay, Samsung Pay, and retailers who have launched their own smartphone payment systems like Walmart Pay.
Do you use a mobile payment system like Apple Pay and, if so, what do you use it for the most? Let us know your thoughts in the comments!