Mobile wallets and contactless payments are the new normal of financial transactions today. Of the 2.3 billion mobile wallets in the world, 507 million were Apple Pay.
With COVID-19 restrictions, customers sought alternative payment methods. One was Apple Pay, the USA’s most widely used mobile wallet service.
If you haven’t used it yet, this article will give you valuable insights into Apple Pay statistics, usage rate, and current state. Read on!
- Apple Pay gained 66 million user increase in 2020.
- 93% of U.S. smartphones had Apple Pay.
- iOS users accounted for 48% of activated Apple Pay worldwide.
- Apple Pay leads the U.S. mobile payment market by 43.9% market share.
- 92% of all U.S. mobile debit wallet transactions were Apple Pay.
- Apple Pay saw 5% of worldwide card transactions.
- Gen Zs made 73.1% of in-store purchases with Apple Pay.
- Apple Pay users are mostly Americans.
- 12% of PayPal users also used Apple Pay in 2021.
- Apple Pay’s estimated income in 2020 was $1.05 billion.
How Popular is Apple Pay?
Currently, 29% of consumers in North America use mobile wallets as one of their most widely used online payment methods.
Unsurprisingly, more people are using Apple Pay as the average spending on proximity mobile payments rises over time.
With its gaining popularity, it’s fascinating to see how many individuals use Apple Pay.
Apple Pay Usage Statistics
Since Apple Pay’s launch in 2014, the service has been thriving and continues to expand its reach, especially with 85% of U.S. merchants currently accepting this payment method.
Experts forecast the Apple Pay user base for 2023-2026, as shown below:
- 48.7 million by 2023
- 51.5 million by 2024
- 54.2 million by 2025
- 56.7 million by 2026
In other words, almost one in five consumers will be Apple Pay users three years from now. To understand this trend better, let’s explore the service’s current usage statistics.
1. 2020 Apple Pay users increased by 66 million.
Apple Pay users worldwide grew by more than 600% in just four years. It wasn’t a well-known payment option when it launched or for the first several years after, with only 67 million users in 2016.
Three years after, there were 507 million customers globally using Apple Pay and up by 15% in 2020.
2. Apple Pay was available on 93% of U.S. smartphones in 2020.
Apple Pay’s growth in the U.S. has been unstoppable in recent years. Only 39% of all iOS devices had Apple Pay features in 2015, which grew to 93% in 2020. It will reach 100% shortly as older devices are phased out.
However, usage has not reached the same level, and many consumers still prefer credit cards.
3. In 2019, 48% of iOS users worldwide activated Apple Pay on their phones.
Apple Pay has come a long way, with 441 million individuals who activated this online payment method in 2019. It’s a big boost compared to 2018 (33%) and 2016 (9%).
4. 63% of people in the U.K. used Apple Pay in stores or restaurants at least once.
In 2021, the U.K. had the most Apple Pay transactions among 17 countries worldwide for online and point-of-sale (POS) payments. 6/10 people used Apple Pay for POS transactions. U.K. consumers also made over a fifth of all online Apple Pay payments.
Here are the other top countries with the most Apple Pay transactions:
- United States: online payments (21%); POS transactions (54%)
- Canada: online payments (54%); POS transactions (20%)
5. With a 43.9% market share, Apple Pay dominates the U.S. mobile payment market.
(Business of Apps)
As iPhone ranks third in the worldwide smartphone market, it’s no surprise that many Americans prefer to use Apple Pay for accessing goods and services. Samsung Pay and Google Pay only comes after.
The Cupertino giant’s product unexpectedly dominates the market ahead of its rival, Starbucks.
6. The U.S. mobile debit wallet market accounted for 92% of Apple Pay transactions.
Apple Pay, Google Pay, and Samsung Pay completed 2 billion debit transactions in 2020.
Less than 10% of the total payment volume was made by Samsung and Google, with Google accounting for about 3% of the total.
7. Apple Pay ranks 3rd as a mobile payment app in China.
(Business of Apps)
Contactless payment methods in China accounted for 87.3%. However, the country’s e-commerce payments have no room for Apple and other U.S. corporations.
With a combined 96% market share, the two local mobile payment providers Alipay have 650 million registered users, and WeChat Pay has 550 million.
8. In 2020, 5% of all card transactions worldwide were from Apple Pay.
(9 to 5 Mac)
Studies predict that numbers will rise to 10% by 2025. Additionally, Apple charges 0.15% of every Apple Pay transaction, equating to 15 cents for every $100 spent using the service.
The 2019 Federal Reserve Payments Study estimates Americans spent $7.08 trillion on card transactions in 2018. Apple’s 5% market share of cards in 2018 was valued at $350 billion, while the company earned $525 million from its 0.15% Apple Pay share.
Apple Pay User Demographic
People aged 14 and above account for 1.36 billion iPhone users worldwide and 136 million in the U.S. Consumers prefer iOS mobile devices and use its features like Apple Pay for music, movies, and apps.
One in six U.S. consumers used Apple Pay at least once a month, constituting 17.3% of the U.S. population and a 7.3% yearly increase through 2022.
If this usage rate rises and reaches others, Apple Pay users will grow in number in the coming years. Find out who uses Apple Pay and contributes to its growth with the statistics below.
9. As early as 13, consumers can set up and use Apple Pay.
Apple Pay is accessible to iOS mobile devices. Although Apple restricts disclosing user information, the available data reveals that people with compatible devices can use its perks.
IPhone users who comply with the age verification make cashless and contactless payment transactions by adding a debit, credit, or prepaid card to Apple Pay.
10. 73.1% of Gen Z mobile wallet users made an in-store purchase using Apple Pay.
Millennials use touchless payments more than other generations. However, Gen Zs use Apple Pay the most.
These are the physical transactions accounted for every generation:
- Bridge millennials: 55.3%
- Millennials: 51.1%
- Gen X: 52.4%
- Baby boomers: 43.9%
11. The majority of Apple Pay customers are Americans.
With 39,781, the U.S. accounted for 56% of all Apple Pay users. On the other hand, Spain only had 356 users of this mobile wallet.
Other top countries that use Apple Pay are:
- United Kingdom: 6,368 (9%)
- Canada: 4,941 (7%)
- Australia: 3,585 (5%)
Apple Pay Market Size
372,425 companies use Apple Pay. The U.S. and the retail industry are home to most Apple Pay-using companies. Most businesses with 1 to 10 employees and an annual income of 1 million to 10 million commonly use Apple Pay.
Look at the industries with the most Apple Pay use:
- Retail: 17,981 (26%)
- Apparel & Fashion: 5,136 (7%)
- Manufacturing: 4,771 (7%)
- Food & Beverages: 3,605 (5%)
Continue reading for more information.
12. 5,480 banks worldwide were Apple Pay-supported.
What was once a conservative banking industry is now adapting to changes. The following data shows the percentage increase in banks accepting Apple Pay in 2020:
- 41% increase from 2018
- 29% increase from 2019
The statistics show that banks are trying to match their payment options with consumer preferences.
13. In 2015, 41% of McDonald’s customers in the U.S. used Apple Pay.
It would be a relief for fast-food customers to know that McDonald’s accepts Apple Pay as a payment option.
Consumers also use Apple Pay in-store transactions among these companies:
- 36% for Macy’s
- 42% for Apple Store
Other companies, like Subway, Nike, Walgreens, and Whole Foods, only come after those top brands.
14. 12% of PayPal users were also Apple Pay users in 2021.
A considerable amount of PayPal users also use Apple Pay. It serves as a reminder of the platform’s potential for future expansion and demonstrates the growing acceptance of Apple Pay as a legitimate payment option.
15. London transport network use of Apple Pay made 90% of all contactless payments.
Apple Pay makes payments contactless, proving it is a widely accepted payment method for commuters. When discussing the service’s performance, it’s crucial to consider this number because it demonstrates how extensively used it is for payment.
16. $1.05 billion was Apple Pay’s estimated income in 2020.
The statistics can trace the income generated in 2020 when Apple Pay had $9.8 million per billion transactions in 2018. 70% of U.S. merchants accepted Apple Pay in 2019, contributing to its earnings.
As 24% of iPhone users purchased with Apple Pay in 2021, this mobile payment service will likely generate more income in the following years.
17. Apple Pay accounted for 12.62% market share for online payments.
Although Apple Pay is the market leader in mobile wallets, it’s a small player compared to other larger online payment markets.
Here’s the market share of Apple Pay’s competitors:
- PayPal: 56.15%
- Stripe: 8.94%
- Google Pay: 8.34%
Apple Pay’s growth is slow but consistent. The tough market competition challenges the emerging mobile payment service to keep up with other established service providers.
Making consumers who were already accustomed to their payment methods also use or switch to Apple Pay is another story.
With 39% of Americans unaware of the service, Apple Pay still has a lot of work to do despite its high usage rate in the mobile wallet market. Nevertheless, Apple Pay is a win-win game that both consumers and retailers have to play.
Frequently Ask Questions
How do I use my Apple Pay stats?
Apple Pay statistics show the potential of the platform. It provides an option to make convenient and contactless payments with millions of in-store and online merchants.
Is Apple Pay successful?
With a 90% market share, Apple Pay is thriving in the U.S. This shows that the mobile payment service is a popular payment method with a place in the market.
What country uses Apple Pay the most?
Most Apple Pay users are from the United States and Canada. Americans accounted for 28% of all Apple Pay transactions and 25% of Canadians.
How widely accepted is Apple Pay?
Apple Pay is accepted in stores, on apps, or Safari web. It is available in the Middle East, Africa, Asia-Pacific, the Caribbean, Latin America, Europe, and North America.
List of Sources