Ahead of Apple Pay's expected launch in China later this week, new research suggests that growth is slowing in U.S. iPhone users' adoption of the mobile payment system.
"I think Apple Pay has been unfortunately a disaster," said Patriarch Equity CEO Eric Schiffer told CNBC on Wednesday. "There's very slow growth. It's helped to tank the stock, frankly."
In a recent survey, research firm First Annapolis found that 20 percent of iPhone 6 owners reported using Apple Pay at least once last December, down from 22 percent last spring. Among those who have adopted Apple Pay, 15 percent reported using it regularly compared with 19 percent last spring.
First Annapolis surveyed 580 iPhone owners to extrapolate its data on user adoption rates. It said that the margin of error for that subset of iPhone 6 users was plus or minus 3.3 percentage points, with a 95 percent confidence level.
Still, the results added evidence to the slowing growth of Apple Pay. A survey of 3,000 people by Phoenix Marketing published late last year found that after the payment system launched in 2014, it was adopted by 11 percent of cardholding households in February 2015. That figure increased to 13 percent of households in July, then to 14 percent by September, according to Phoenix.