Apple Pay transactions up 50 percent last year

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Apple Pay is headed in the right direction!
Photo: TXN

Monthly Apple Pay transactions grew by 50 percent year-over-year in 2016, although they still account for a relatively small percentage of all credit card transactions.

According to a study by consumer spending analytics company TXN, Apple Pay has been a “success story,” although the fact that is still still new technology means that there’s “lot of room for future growth.”

TXN gathered its information from its research panel, which tracks over 3 million payment cards. Participants who let the company view their credit card statement get rewarded with incentives.

It notes that drugstore Duane Reade and grocer Whole Foods have so far been the most successful brick-and-mortar retail stores when it comes to getting users to adopt Apple Pay. Whole Foods, at least, is no great surprise. Within three weeks of its 2014 launch, Apple’s mobile payment system already represented almost 1 percent of all transactions.

Meanwhile, online businesses Boxed.com and Raise.com get the highest percentage of Apple Pay customers.

As with Apple Watch sales, Apple itself has been a bit coy about revealing exact Apple Pay usage, aside from last summer noting that it has “tens of millions” of users each month.

According to Jennifer Bailey, the VP in charge of Apple Pay, the service is currently available at 35 percent of retailers — or around 4 million locations — in the U.S. Apple has also continue to roll out Apple Pay around the world, as well as bringing it to macOS with last year’s Sierra update.

You can check out the rest of TXN’s report here.

Do you use Apple Pay? What’s your experience with it been so far? Leave a comment below.

Via: Business Insider