NEW YORK, Dec. 19, 2014 (GLOBE NEWSWIRE) -- ITG (NYSE:ITG), a leading independent execution and research broker, today announced the release of an ITG Investment Research Report on Mobile Payments, focusing on the new Apple payments product, Apple Pay. Based on early trends since the October 20th launch, the research finds that Apple Pay has the ability to significantly transform the mobile payment space.
The ITG Mobile Payments report, which uses data from the ITG Investment Research proprietary consumer panel, found that Apple Pay was responsible for 1% of digital payment dollars in the month of November. This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants. In comparison, Google Wallet, which launched in 2011, accounted for only 4% of digital payment dollars in the same month.
Apple Pay could pose a major threat to market leader PayPal's current dominance of the Mobile Payment space, according to Steve Weinstein, Senior Internet Analyst at ITG Investment Research. Citing PayPal's significant infrastructure barriers (a challenging relationship with payment counterparties and the lack of biometric capability) in comparison to Apple Pay's compelling mobile payment solution, Weinstein believes that it will be difficult for PayPal to match the ease of use and consumer appeal of the Apple solution.
Key Research Findings
- 60% of new Apple Pay customers used Apple Pay on multiple days through November, suggesting strong customer engagement. In comparison, New PayPal customers used the service on multiple days during the same time period just 20% of the time.
- Apple Pay customers used the service roughly 1.4 times per week and used Apple Pay at the same merchant for future transactions roughly 66% of the time.
- Upon adoption of Apple Pay, the average consumer uses the service for approximately 5.3% of all future card transactions and 2.3% of all future card dollars spent.
|Top 5 Apple Pay Retailers, Transaction and Spending Distribution|
| % of Apple Pay |
| % of Apple Pay |
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