Apple Pay in November accounted for 1% of digital payment dollars

Apple Pay now accounts for 1.7 percent of the mobile payments market after its launch on October 20, still lagging behind Google Wallet’s 4 percent share of the market, according to ITG research picked up by MarketWatch.

While the adoption rate is impressive, Apple is still trailing behind the market leaders (who have been doing this much, much longer), Square and PayPal. The latter of the pair captured 78 percent of digital payment dollars in November, while Square raked in 18 percent. The report notes several different interesting factors that Apple, and competitors, need to keep in mind with these latest numbers, though:

The top three retail locations iOS users took advantage of Apple Pay during its first six weeks on the market were Whole Foods, Walgreens, and McDonalds. The latter makes for a hilarious changeup from the health focused companies.

Whole Foods has been embracing Apple’s new mobile payments software wholeheartedly, as Jason Buechel, Whole Foods’ chief information officer, said the health-focused company processed 150,000 Apple Pay transactions in the first 17 days of Apple Pay’s launch.

PayPal remains king in the mobile payments space, accounting for 78 percent of the market share in November. ITG analyst Steve Weinstein says Apple Pay “could pose a major threat” to eBay’s PayPal.

 


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