Apple Pay adoption increases, but much work to be done

Year-over-year Apple Pay growth has been “impressive”, according to Loup Ventures, with active users more than doubling, transactions more than tripling and online merchant adoption increasing by 50%.

Note the lack of ‘real’ numbers, but, hey, that’s Apple for you. Also of note is the fact that 16% of global iPhone users have turned on Apple Pay, although Loup Ventures remains optimistic that the mobile payments service will gain widespread adoption over the next three to five years, given integration OS and iOS makes it the easiest to use digital wallet.

The company checked the Top 100 retailers in the US for Apple Pay compatibility for online (desktop, mobile and apps) and found the growth of adoption has been high (9 to 85%), but off a small base. The total number of these retailers supporting the service online now ranges between 14-24%, a small number considering it’s been available for over three years. The number of global banks supporting it, meanwhile, increased in the past year by 41% to 2,707.