Apple Pay adoption continues to climb since its launch in 2014 with global users now estimated at 383 million, reports Gene Munster of Loup Ventures.The iPhone install base now stands at 900 million devices and Loup estimates that 43% of those users have enabled Apple Pay. That's up from 36% in September 2018 and 20% in December 2017. It's believed that Apple's launch of peer to peer payments in January 2018 has helped accelerate growth.
Apple Pay Adoption Estimates
● We also estimate, based on the number of active countries and number of use cases within those markets, that 12% of Apple Pay users are in the US, and 88% of users are international. For reference, we believe 21% of active iPhones are in the US.
● That means that utilization of Apple Pay in the US is lower than other countries. One factor is greater acceptance on public transportation in China, Japan, UK, and Russia. We estimate that 24% of US iPhone users have used Apple Pay vs. 47% of international users.
● Tim Cook also mentioned that transactions topped 1.8B during the Dec-18 quarter, more than doubling the volume a year ago. This is a step down from 300% y/y growth in Sep-18. While a decline in growth rate, it still represents an impressive ramp in usage.
● Three new countries were added during the Dec-18 quarter (Germany, Belgium, and Kazakstan), bringing yearly additions to seven and total countries to 27.
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