Apple Pay activated by over half a billion iPhone users

A study by Loup Ventures has shown a notable increase in the number of iPhone users choosing Apple Pay. In September 2019, 441 million iPhone users activated the Apple Pay app. In September 2020, this number had jumped to 507 million - equivalent to more than half of all iPhone users. 

There was also a 9% rise in the overall number of people using iPhones between these dates, rising from 915 million to 1 billion. 

According to the study, another trend is for businesses to start making themselves available to Apple Pay users. The study cites ‘a 20%-plus increased adoption from banks and top retailers across desktop sites, mobile web and apps’, which suggests that businesses have noticed their customers using Apple Pay and responded quickly. 

It is said that the rise in Apple Pay adoption was due to the Covid pandemic as consumers looked for new ways to conduct transactions without making physical contact.

Apple Pay is the tech giant’s own-brand mobile payment and digital wallet app. Users can make make payments with Apple Pay over the counter in a brick-and-mortar store, online using their browser and within apps. Aside from the iPhone, the service can be used across other Apple products such as a watches and laptops. 

Apple Pay has evolved to work with any contactless payment system in principle, though the retailer or bank must still elect to support Apple Pay, and it can be used to make money transfers using international and local payment systems. It works in many countries around the world. For example, many public transport systems, such as buses and commuter rail, are adding Apple Pay functionality.  

These findings present some key takeaways for businesses. Firstly, there’s a growing market of Apple Pay users, making it a viable strategy for your business to allow payments using this system. There’s clear evidence of huge numbers of people who would like to do business using this method. 

Secondly, you’ll need to stay on-trend and think about the modern customer’s expectations of convenience. Increasingly, customers who expect to be able to pay using a digital wallet will walk away from businesses where this is unavailable. It makes sense to attempt to capture this custom and Apple Pay is one of the main forms of mobile wallet out there. 

Apple are happy to help businesses with all the information they need to start accepting Apple Pay. The investment is relatively small, you only need to buy a contactless payment terminal, which are now available cheaply enough that most small cafes and newsagents have them. Apple can also help you set up an app or online store to accept Apple Pay and open your business up to an existing customer base.