Apple Pay Adoption Up an Estimated 36% in Five Months

Apr 12, 2019

More than 43% of global iPhone users have enabled Apple Pay, according to estimates from the venture capital firm, Loup Ventures LLC. This means that Apple Pay adoption reached 43% of iPhone users.

What’s Driving the Boom?

Since its launch in 2014, Apple Pay has continued to gain support from retailers and iPhone users. The Minneapolis-based venture firm based its estimate on survey work, growth in transactions, countries, and banks.

It further estimates that there are currently 383 million Apple Pay users, which is up 21% sequentially and 135% year to year. Loup Ventures believes the burst in adoption likely is due to the digital wallet’s launch of peer-to-peer payments on Jan. 18.

The firm also estimates, based on the number of active countries and number of use cases within those markets, that 12% of Apple Pay users are in the U.S. and 88% of users are international.

One reason why it believes there are more Apple Pay users overseas is because there is greater acceptance on public transportation in China, Japan, the UK, and Russia. Furthermore, it estimates that 24% of U.S. iPhone users have used Apple Pay versus 47% of international users.

Other Reasons for the Spike

In January, Apple announced that 74 of the top 100 merchant in the nation are accepting Apple Pay. Target, Jack in the Box, and Taco Bell are just some of the retailers to recently begin accepting Apple’s mobile payment system.

These top merchants join other national retailers that already support Apple Pay, like Costco, CVS Pharmacy, and 7-Eleven.

What This Says About Digital Wallets

These numbers prove that more people are warming up to digital wallets. People are embracing and understanding the convenience and security they offer.

Apple Pay is compatible with most credit cards and U.S. banks, and loyalty points, rewards and benefits from your cards continue to accrue when you use Apple Pay.

Another great security feature is that receipts are kept in your wallet app when you make a purchase using Apple Pay. Even better, the transaction information is not stored anywhere, and every transaction made on your iPhone, iPad, or Mac requires authentication with Face ID, Touch ID, or your passcode.

When you make a purchase at a physical store, card numbers and your identity aren’t shared with merchants. Finally, if your Apple device is lost or stolen, you can suspend or permanently remove the ability to pay from that device.

What This Means for Merchants

Merchants best serve their customers when they offer them exactly what they want. The world is moving to a more cashless society, and shoppers want many payment options and mobile wallets are just one of them. Merchants that can offer the most ways to pay also opens themselves up to the most sales. In fact, merchants that fail to accept, debit and credit cards, and mobile wallets are actually making their businesses less competitive.

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If you are a merchant that needs to process credit card and mobile payments, then consider turning to (EMB). It works with all types of businesses, even those classified as high risk and those with no credit processing history. Eligible merchants get approved for processing in as little as a few days.

EMB offers a hassle-free online application process. Apply now for merchant account services.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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