New Survey Suggests Slow-Building, Long-Term Success for Apple Pay

A new surveyNew Survey Suggests Slow-Building, Long-Term Success for Apple Pay is shedding further light on Apple Pay use in the US. Conducted by First Annapolis Consulting, the study asserts that the mPayment service is off to a slow start, but likely bound for long-term success.

The survey consulted 1,300 households, including 580 iPhone 6 users, and essentially found that many of those interviewed were aware of the service, but relatively few were using it. Seventy-three percent of respondents had heard of Apple Pay, and that number rose to 84 percent where iPhone 6 users were concerned. But only 20 percent of the latter group had used Apple Pay, and only 15 percent reported regular use. On the plus side, 94 percent of those who had used it were at least “somewhat satisfied” with the mPayment platform, with 60 percent being “very satisfied”; and not a single respondent reported dissatisfaction with the service.

Extrapolating from the results, study principal Hugh Gallagher estimates that “the typical financial institution can expect 1 to 2% of cardholder to use Apple Pay two or more times”. In his analysis, this “suggests a long adoption curve,” though “most signs point to long-term success.”

It’s good, if not spectacular, news for Apple, and it may also reassure rivals trying to compete with the company in this nascent market. Consumers seem to be warming up to mPayments, and that’s good news for all concerned.