Latest Survey Shows Growing Market Traction for Apple Pay

By CIOReview | Wednesday, April 22, 2015

FREMONT, CA: Confidence in Apple Pay is growing with time and consumers are opening up to mobile payment solutions, says the latest report from 451 Research. PayPal has a lot of thinking to do and Google Wallet needs to knuckle down, the report suggests.

The mobile payments survey was conducted in March 2015 in which 4168 respondents from 451 Research’s ChangeWave survey network participated with most of the respondents being from North America.

Highlights of the survey:

  • 25 percent are likely to use mobile payment apps over the next 90 days; this figure is 6 percent higher compared to last year
  • Apple Pay leads the pack as the most preferred mobile payment option standing at 45 percent – a jump of 5 percent compared to the survey in December – while PayPal has slipped down by 4 percent compared to the survey in December and currently standing at 28 percent; 13 percent of respondents prefer to use Google Wallet
  • Apple Pay has managed to make its customers smile over mobile payment service; the company tops the customer satisfaction chart with 66 percent while PayPal comes second at 45 percent followed by Google Wallet at 33 percent
  • Regarding security, 24 percent of respondents believe mobile payments have a edge over traditional credit cards making a strong business case for the booming mobile payments industry
  • As for the upcoming Samsung’s new mobile payment service, 8 percent of respondents said they are likely to use Samsung Pay for making payments and respondents who are Samsung smartphone users are even more eager to use the mobile payment service

“The introduction of Apple Pay has catalyzed a wave of strategic moves across the mobile payments ecosystem,” said Jordan McKee, 451 Research’s Senior Mobile Payments Analyst. “In the wake of Apple’s entrance, Google and PayPal have made significant acquisitions, while players such as Facebook and Samsung are rolling out payment products to remain competitive. Moving forward, the pace of activity will only accelerate as vendors look to capitalize on the growing contactless payments infrastructure and secure a foothold in this rapidly evolving sector.”