Apr 05, 2017

What Percentage of iPhone Users Have Tried Apple Pay?

Answer (from WSJ): 13%

Back in 2014 (eons ago in the tech industry), we marked the launch of Apple Pay with a post that included several news summaries and the potential that Apple saw in the product. We had students analyze the stories and then answer that personal question “Would you use Apple Pay?” Apparently the answer for most IPhone users two years later is a resounding “No.”

Jessica also wrote a post in early 2015 asking the question “Can Teenagers Use Apple Pay?” Find out the answer here.

The article enumerates the reasons why the rate of adoption has not been faster:

  • Security and awareness: “Many U.S. consumers remain wary of such a service, according to technology research firm Creative Strategies: 40% are concerned about the security risks of adding a credit or debit card to their phone, and more than 60% aren’t familiar with contactless payments.
  • Lack of adoption by retailers: “Compounding Apple Pay’s challenges, only a third of U.S. stores accept it as a form of payment, according to the Nilson Report. The payment-industry trade publication notes, however, that the service’s rate of acceptance has more than doubled since 2015.”

Might be a good time to revisit this question for those IPhone users in your class:

  • Would you use Apple Pay?  Why or why not?

__________

Interested in how people pay for things? Check out this NGPF Project: Payment Decisions that has students select how they would pay for various items and provide the rationale for them too.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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