Apple Pay is showing some nice early adoption numbers, as a new TG Investment Research Report on Mobile Payments (via MarketWatch), indicates Apple’s new baby handled a total of 1% of digital payment dollars during November.
While 1% may not seem like something to celebrate when compared to Square and PayPal, who handled 18% and 78% respectively of all digital payments in November, ITG analysts say Apple Pay is showing strong momentum for a service that is supported only on Apple’s newest hardware, and is available at a limited number of merchants.
According to the report, which uses data from ITG’s Investment Research consumer panel, 60 percent of new Apple Pay customers used the service on multiple days throughout November, averaging 1.4 use times per week. In comparison, only 20 percent of new PayPal customers used the service multiple times during the same time period.
Whole Foods was the most popular place to use Apple Pay, as it captured 20% of all Apple Pay transactions. Walgreens came in second, with 19% of all transactions, while McDonalds made a claim for 11% of the transactions. Whole Foods also laid claim to the highest spending rate, with 28% of all Apple Pay dollars spent. (To be fair, the average bill at a grocery store is usually higher than that of a drug store or a fast food restaurant.)
Apple Pay has been available since October 20, and is accepted at more than 200,000 retail locations.
