Feb 22, 2018

Apple Pay To Have 127 Million Users, Supporting 2707 Banks, And With The Adoption Rate Of 64% In Top 100 US Retailers

According to data shared by Loup Venture finds that there were 127 million global Apple Pay users by the end of 2017, rose nearly two times from 62 million at the previous year. In the meantime, there were 2707 banks now supporting Apple Pay, up from 41% year-on-year, with 64% of top 100 US retailers now support the mobile payment system.

Given that there are about 800 million active iPhones around the world, meaning that 16% of iPhone owners have activated Apple Pay. As we break down, five percent are located in the United States, so there are 38 million people use Apple Pay in the U.S. While the other 11 percent base are international, with 89 million using the service.

Image Credit Pacific Standard
As for the Apple Pay adoption in retail stores, only 14 stores accept Apple Pay on desktop, 24 on mobile and 24 in their apps. It did, though, note that this represented strong growth on the previous year’s numbers. Some major retailers like Target and Walmart still won't use Apple's mobile wallet.

We completed our annual Apple Pay review and found year over year growth has been impressive with active users more than doubling (source: Apple), transactions more than tripling (source: Apple) and online merchant adoption increasing by ~50% (source: Loup Ventures). That said, we believe only 16% of global iPhone users have turned on Apple Pay. We remain optimistic that Apple Pay will gain widespread adoption over the next 3-5 years given integration OS and iOS makes it the easiest to use digital wallet.

Although Apple Pay continue shows slow adoption, Loup Ventures analyst Gene Munster said he and these researchers "remain optimistic" that over the next three to five years, given that Apple Pay is "the easiest to use digital wallet" because of its deep integration into iOS.

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