Apple Inc. (NASDAQ:AAPL)’s digital payment system may have been announced by the consumer electronics giant in September but only 6% of iPhone 6 and iPhone 6 Plus users actually use Apple Pay six months after its announcement.
That tidbit comes to us by way of PYMNTS.com, a payment industry monitoring company, which just released a study titled “Apple Pay By The Numbers: Adoption And Behavior” in cooperation with shopping industry monitoring firm InfoScout. The study was discussed by PYMNTS.com last week at the Innovation Project 2015 event.
The key takeaway from the study is that though regular Apple Pay users have increased, up to 6% from 5% in November 2014, the increase is not at all that impressive considering Apple Inc. (NASDAQ:AAPL)’s past performance with its massively successful products. Apple Pay was rolled out in October 2014.
PYMNTS.com says that its study was based off of data from over 1,000 people who had iPhone 6 units and therefore were able to use the Apple Inc. (NASDAQ:AAPL) digital payment system.
Meanwhile, those who tried Apple Pay in the past but haven’t used it again increased to 9% from 4% in November 2014 when PYMNTS.com conducted a similar study. That means 85% of iPhone 6 and iPhone 6 Plus users have never tried Apple Pay.
According to the payments industry monitoring site, people who used Apple Pay in the past but haven’t used it again may just be forgetting that it’s an option. It said 32% of these people say they forget they can use the system.
Meanwhile, 31% of the respondents said they were unaware they can use Apple Pay and about 20% said that they preferred other payment methods. It also said that 37% said that they have no reason to change their habits.
Other reasons given for not using Apple Pay were unfamiliarity with how the system works (31%), security concerns (15%) and inability to successfully register with the system (5%).
This leads InfoScout to conclude that Apple Inc. (NASDAQ:AAPL) faces a challenge in changing payment “muscle memory,” or the payment method people are used to. Nonetheless, PYMNTS.com said that people have “certainly become more willing to try Apple Pay” now than during their first study into the matter.
It also said that those who regularly use Apple Pay really like the payment method. Furthermore, those who haven’t tried the payment system also still had positive sentiments about the system. PYMNTS.com suggests that Apple find a way to remind people, maybe through beacon technology, that they can use Apple Pay when they are in stores that are capable of accepting this mode of payment.
Christopher R. Hansen’s Valiant Capital owned about 1.24 million Apple Inc. (NASDAQ:AAPL) shares by the end of the last quarter of 2014, down a substantial 23% quarter over quarter. The stake, which was valued at about $136.67 million, made up 14.65% of the whole Valiant Capital portfolio.
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