While there were some hitches in the ‘giddyup’ when the Apple (News - Alert) Pay service was first launched, it appears that more and more companies are getting increasingly comfortable with the new service. Now a new report says that Apple Pay is actually outperforming the more well-established PayPal (News - Alert) when it comes to mobile payments. Industry analyst 451 Research says that Apple Pay is starting to become a bit of a juggernaut in the mobile payments market and that PayPal is the chief company that is suffering for this advancement.
Among other reasons Apple Pay is picking up steam is the fact that smartphone users are more likely to use mobile payments than they were a year ago. Some 25 percent of those surveyed said they are likely to use mobile payment apps over the next 90 days. That number is up six points from a year ago at this point.
When it comes to the type of phones those who are going to use mobile payments are equipped with, iOS blows away the competition. About 34 percent of iPhone users are likely to use a mobile payment app compared to just 16 percent of Android (News - Alert) users, 13 percent of Blackberry users and just five percent of Windows Phone users.
Of those who are likely to use these applications, 45 percent say they prefer Apple Pay. That particular number is a five point jump from December and it has strengthened its lead on PayPal. That mobile payment service is still in second place, but only 28 percent now say they are likely to use that company’s mobile payment app. That is down four points from just three months ago. This report is good news for the Cupertino company, especially when you consider the service isn’t even offered in every part of the country yet. One spot in particular that is still waiting for access to Apple Pay is China. While that country isn’t on pace to get the service anytime soon, it seems to represent an untapped market that Apple doesn’t need just yet but certainly will want eventually.
Edited by Rory J. Thompson
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