May 19, 2024

As the popularity of mobile payment solutions increases, Apple Pay surfaces as a key player in the market, distinguishing itself from the rest. This service was introduced in 2014 and has exhibited remarkable growth, transforming how people make payments and transact using compatible Apple devices. The Apple Pay payment system makes such processes secure and seamless without physical meetings.

But while Apple Pay’s dominance in the market is notable, it’s also vital to acquaint yourself with the number of users adopting this service. In that regard, the United States has the highest number of users. Data shows 507 million global Apple Pay users, of which the US accounts for 45.4 million.

This is evident in recent data revealing five out of ten US respondents identifying as Apple Pay users in a restaurant or store between August 2020 and August 2021. Notably, the payment system’s security features, convenience, and contactless features contributed to its service’s popularity. This article equips you with the key statistics you must know about the Apple Pay user base in 2023.

Apple Pay Key Points

Apple Pay Key Points

  1. Apple Pay is the most used mobile payment service in the US, with half of the surveyed citizens identifying its usage in restaurants and stores within a year.
  2. There are roughly 45.4 million users of Apple Pay in the United States alone in 2023, with an estimated one in every five US citizens using the service.
  3. Apple Pay’s convenience and security features are the major driving forces of its adoption among users.
  4. The contactless payment function of the Apple Pay service is its main appeal to most customers.

A Brief Look at Apple Pay

A Brief Look at Apple Pay

Apple Pay, a mobile payment option and digital wallet from Apple Inc, has recorded significant global popularity. This growth results from the diligent efforts of the company to craft a user-friendly and secure payment platform that harnesses the strength of NFC technology.

5. Apple seamlessly integrated its payment system into the financial landscape through strategic partnerships with leading banks, credit card providers, and payment processors.

6. Regarding its revenue stream, Apple Pay gets its funding from transaction fees imposed on merchants and the interest accrued from funds within Apple Pay Cash accounts. In 2022 alone, it raked in an impressive $1.9 billion in revenue, with projections indicating a substantial leap to $4 billion by 2023.

7. Additionally, financial institutions are charged fees for participating in the Apple Pay network, while a percentage of transaction values paid by card-issuing banks contributes to its earnings.

8. Notably, the payment system diversifies its income sources by capitalizing on in-app purchases and a credit card offering tagged Apple Card. The Apple Card yields revenue through interchange, interest, and late fees.

Apple Pay User Statistics: What is the Number of Apple Pay Users in 2023?

Apple Pay User Statistics

If you are wondering how many people use the Apple Pay service, here is what you should know:

9. Apple Pay has a staggering user base of 507 million individuals spread across 76 countries, highlighting Apple’s unwavering commitment to delivering an innovative payment system.

10. 2020 saw Apple Pay record an estimated 66 million new users. Predictions had it that this payment system could be up to 19.7%, reflecting the possibility of having one user out of every five individuals.

11. This can be attributed to the growing number of global iPhone users activating the payment system, which surpassed 65 million in 2020.

12. Regarding worldwide card transactions, Apple Pay accounts for 5%, with predictions that it will hit 10% by 2025. This reveals the service’s increasing usage and points out the potential revenue Apple’s digital wallet can generate for the company.

13. In a survey, two out of ten United States respondents cited using the Apple Pay service for online shopping.

14. Among the 100 top American retailers, 28% offered the payment system on desktop, 43% on their apps, and 39% on mobile, all in 2020.

15. Apple Pay holds a market share of 43.9% in the United States.

16. As of 2021, about six out of every ten people used the service for point-of-sale (PoS) transactions in the United Kingdom.

Where to Use Apple Pay as a Payment Option

Where to Use

17. You can find Apple Pay as a payment option in many places, particularly across the United States. According to information provided by Apple Pay’s official website, over 85% of American retailers have embraced this convenient contactless payment method.

18. It’s not just limited to one type of location; you can use Apple Pay in diverse settings, both online and offline. This includes vending machines, grocery stores, subway stations, taxi cabs, and more.

19. Regarding specific businesses, Apple Pay is welcomed at an impressive list of establishments, including well-known names like Costco, Best Buy, CVS, McDonalds, Dunkin Donuts, Whole Foods, Staples, and Walgreens.

20. It’s not only tied to retail stores since Apple Pay is also accessible in universities, ballparks, ATMs, and nonprofit organizations. Furthermore, approximately 275 transit systems, including some in China, have integrated Apple Pay for commuters’ convenience.

Who Uses Apple Pay? – Countries and Businesses

Who Uses Apple Pay

21. Apple Pay has expanded its availability to various regions, including Canada, the United States, the Middle East, Latin America, the Caribbean, Africa, Europe, and Asia-Pacific.

22. Notably, in 2020, Apple Pay accounted for a substantial 92% of all mobile wallet debit transactions in the United States. In 2021, Apple Pay transactions represented 63% of those who used it at least once in restaurants or retail businesses.

Apple Pay Expansion?

Apple Pay Expansion

23. In 2021, Apple Pay made significant strides in its global expansion, venturing into nine fresh markets, such as Israel, Mexico, and Columbia. Alongside this expansion, the payment system introduced the innovative Apple Family Card, an extension of its existing Goldman Sachs Apple Card.

24. This unique offering enables users to include up to five family members on a single account, enhancing convenience and accessibility for households.

25. Apple Pay also introduced several noteworthy enhancements to its wallet features. An example is the launch of the university ID program, which allowed students to seamlessly integrate their student IDs into their digital wallets, simplifying campus life.

26. In the United States and Canada, Apple Pay took a step further by incorporating support for health insurance cards, adding a layer of convenience for users in managing their healthcare information.

What is the Future of Apple Pay?

What is the Future of Apple Pay

27. Apple is projecting an ambitious course for the coming years, with significant developments in the pipeline. They could be working on incorporating support for driver’s licenses and State IDs into their wallet feature.

28. Additionally, the company has successfully launched its buy now, pay later initiative, BNPL. While there is speculation that Apple Pay usage might experience a downturn in 2023, it’s worth noting that in 2022 alone, the user base in the United States hit an impressive 45.4 million.

29. Forecasts indicate a further surge in Apple Pay users, with an estimated 54.5 million individuals utilizing the service by 2025.

Apple Pay Annual Revenue

Apple Pay Annual Revenue

30. Apple must readily release information about its financial details to prioritize customer protection. However, there are some useful estimates found regarding its revenue.

31. On that note, it’s estimated that Apple Pay generates more than $1 billion annually in fees, raising the company’s overall revenue to nearly $20 billion. As for future revenue streams, this division undeniably contributes to Apple’s overall value.

32. While we couldn’t pinpoint Apple Pay’s exact valuation, Apple’s quarterly report for the second quarter of 2022 showed revenues of $1.9 billion. However, remember that Apple Pay represents only a fraction of this colossal figure.

Year Revenue
2019 $998 million
2020 $1.05 billion
2021 $1 billion
2022 $1.9 billion

Apple Pay Usage in the United States

Apple Pay Usage in the United States

33. A recent study about the preferences of American customers with mobile payments has taken an interesting turn. For instance, the study shows Millennials have enthusiastically embraced the contactless payment system, outpacing other generational groups. However, what stands out prominently is the remarkable adoption of Apple Pay among Gen Z individuals.

34. Furthermore, Apple itself has taken proactive steps to fortify the security features of Apple Pay. These enhancements not only bolster the confidence of existing users but also aim to allure new users into the fold.

35. Among these measures is sharing assessments and transaction details with card networks, a strategic move aimed at curbing fraud incidents.

Apple Pay Usage in France

Apple Pay Usage in France

36. Apple Pay’s popularity isn’t limited to just one region; it’s also making waves in Europe. Data from Statista’s Consumer Insights reveals that six out of ten individuals use Apple Pay in restaurants and stores between April 2022 and March 2023.

37. In 2022, the global user base for Apple Pay surpassed a staggering 535 million.

38. Almost 70% of Apple Pay users prefer to make in-store payments, while approximately 35% opt for online transactions.

39. Next time you make a purchase, remember that you’re part of a vast community of users worldwide who appreciate the convenience and security that Apple Pay brings. Besides, Apple Pay could be more widely embraced than you initially imagined.

What is Behind Apple Pay Adoption?

What is Behind Apple Pay Adoption

40. The surging popularity of Apple Pay can be attributed to several key factors. One major driver has been the widespread adoption of contactless payments, a trend that gained significant momentum during the COVID-19 pandemic.

41. Throughout 2020, an impressive 66 million individuals embraced Apple Pay, recognizing its appeal in facilitating secure and convenient contactless transactions. This upward trajectory will continue as more people seek secure, hassle-free payment solutions.

42. Apple Pay’s seamless integration with Apple devices has been pivotal in its remarkable success.

43. In 2021, 24% of iPhone users opted for Apple Pay when making purchases, underscoring its reputation for convenience and accessibility.

44. Apple Pay’s extensive acceptance among merchants, with a 52% adoption rate in North America, further propels its ongoing expansion in digital payments.

Conclusion

For those who embrace Apple Pay, its versatility shines whether you’re dining out, navigating a shopping spree, or indulging in online retail therapy. If you’re a devoted Apple device user, unlocking the world of Apple Pay is a must to fully appreciate its robust features for seamless money transfers and effortless transactions. Besides discovering some intriguing Apple Pay user statistics for 2023, consider this a valuable addition to your knowledge base.

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