Apple Pay is fast becoming a must-have payment option for retailers and banks, according to data compiled by Loup Ventures.
The VC firm's fourth annual Apple Pay availability study found 20% plus increased adoption from banks and top retailers across desktop sites, mobile web, and apps.
With the popularity of contactless payments soaring during the pandemic, Loup Ventures estimates the percentage of active iPhone users that have enabled Apple Pay has increased from 441m in Sep-19 to 507m in Sep-20.
This implies 51% of active iPhone users have set up Apple Pay, representing 15% y/y growth in activations, reflected in a 30% uptick in transactions over the past six months.
Moreover, the number of bank supporting Apple Pay increased to 5,480 globally this year, up 29% from the previous date point.
"These growth rates, off an increasingly bigger base, suggest Apple Pay is becoming a must-have payment option for retailers and banks," states the firm. "Given the majority of low-hanging fruit has now been captured, we expect retail adoption growth rates to decline in the next year, in combination with Apple Pay consumer usage rates accelerating year over year. Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple."
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