Apple Pay Awareness Much Higher Than Usage Rate
Consumer awareness of Apple Pay remains high, but actual usage of the mobile wallet has hit a plateau, according to a new survey from First Annapolis Consulting. 73% of all consumers said they had heard of Apple Pay, but only 20% of iPhone 6 users said they had ever used it.
Awareness rates are a little higher among iPhone 6 users, with 84% reporting they have heard of Apple Pay. That number is slightly lower than last year’s rate of 88%. Adoption rates are slightly down as well–22% of iPhone 6 users said they had tried it in 2015.
Despite the fact that one in five iPhone 6 users have tried Apple Pay at least once, only 15% say they use it regularly or frequently. Users that report the highest frequency of usage had more than one card in their Apple mobile wallet. Accountholders have an average of 2.3 cards in their wallet according to the survey. 75% of those cards were prepaid, debit and credit cards, while the remaining 25% were retail or loyalty cards.
In general, mobile wallets have had a slightly slowed adoption rate in the United States, but those numbers are expected to increase over time with the availability of Apple Pay, Android Pay, Samsung Pay, and other mobile wallets.
A study from KPMG and UBS released in August 2015 predicted the mobile banking industry will double in size in the next four years.