New data has revealed that Apple Pay has been activated on more than 500 million iPhones as of September 2020, with bank adoption growth hitting 20%, according to Loup Ventures.
The company’s fourth annual Apple Pay availability study, which looks at the growth and adoption rate of Apple Pay around the world, revealed that Apple Pay is now active on 507 million iPhones as of September, up from 441 million in September 2019. This signals a 15% growth, an impressive feat and partly fuelled by contactless payments during COVID-19.
The data suggests that just over half (51%) of iPhone users have Apple Pay on their phones and that banks and retailers are now taking the payment platform seriously.
According to the report, 40% of top retailers accept Apple Pay, whilst 39% offered Apple Pay on mobile, and 43% offer Apple Pay within their own iOS apps.
The Loup Ventures report also confirmed that a growing number of banks are adopting the Apple Pay platform, with 5,480 banks now supporting Apple Pay, compared to 4,250 in 2019.
Are you pleased to see Apple Pay continue to grow in popularity? Let us know and check back soon for more.