Report shows that Apple Pay payments account for only one percent of all retail transactions in the U.S.

Oct 8, 2015 07:42 GMT  ·  By

Even though Tim Cook Apple's CEO called 2015 the "year of Apple Pay," real life contradicts him with an analysis by Aite Group saying that all Apple Pay retail transactions in the U.S. for this year amount to one percent of the total number of payment transactions.

As reported by Bloomberg, Apple stated in an e-mail that "we're off to a great start and we are seeing continued, double-digit monthly growth in Apple Pay transactions since launch. And our customers love Apple Pay - a recent survey found satisfaction rates of 98 percent."

Moreover, according to the same statement issued by Apple for Bloomberg, "Merchants love it too and tell us that the added security and convenience Apple Pay brings their customers is a huge benefit."

Despite Apple's desire to make everyone believe that their Apple Pay mobile payment and digital wallet service is something that all iPhone, Apple Watch and iPad users would want to have enabled on their devices, Apple Pay's adoption rate fails to confirm it.

Even though Apple Pay transaction numbers are bleak, the future looks good

There still is good news, though, with a study by Auriemma Consulting Group on a limited 500 iPhones test set revealing that over 40% of iPhone users are actually using Apple Pay for purchases.

However, the very small number of transactions Apple Pay users made this year shows us that Apple has failed to make their customers understand how they can use Apple Pay and what they can use it for.

Fortunately, Apple's reported Apple Pay double-digit monthly growth is encouraging and should amount for a serious increase in transactions and adoption rate in the near future.

If Apple Pay manages to keep up this monthly uptick, one thing is certain, given the increasing number of iOS devices Apple manages to sell each year: more and more users will be adopting Apple's mobile payment service in the upcoming years.

And this would mean that 2016 or 2017 might be the "year of Apple Pay." Maybe.

Apple Pay (2 Images)

Apple Pay on iPhone
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