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Apple Pay growth slows a year after launch, says research

About 48 per cent of Gen Xers, in their mid-30s to mid-50s, use Apple Pay, compared with 42 per cent of millennials, aged 21 to 34.

Nandita Bose and David Henry    Las Vegas     Last Updated: October 27, 2015  | 11:01 IST
In June, two-thirds of the top 100 US retailers said that they did not plan to accept Apple Pay this year.
In June, two-thirds of the top 100 US retailers said that they did not plan to accept Apple Pay this year. (Photo: Reuters)

Apple's mobile wallet Apple Pay is winning over more US households a year after its launch, but growth has slowed, research released on Monday showed.

Fourteen per cent of US households with credit cards had signed up for the payment option by the end of September, up from 11 per cent in February, Phoenix Marketing International said at a payments conference in Las Vegas.

"A very rapid initial threshold was achieved by Apple Pay and it is still growing but the growth rate has slowed down," said Greg Weed, director of card performance research at Phoenix.

An Apple spokeswoman declined to comment, but noted that a company statement in early October cited "double digit monthly growth in Apple Pay transactions" since its launch.

About 48 per cent of Gen Xers, in their mid-30s to mid-50s, use Apple Pay, compared with 42 per cent of millennials, aged 21 to 34, Phoenix said.

Among Apple Pay users, 86 per cent have linked their credit cards to make a purchase, 49 per cent consumers use their debit cards and 22 per cent use different types of prepaid cards, the report showed.

Phoenix said it has been researching Apple Pay since its launch in October 2014, with a group of 15,000 consumers.

In June, two-thirds of the top 100 US retailers said that they did not plan to accept Apple Pay this year.

(REUTERS)

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