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Apple Pay Gains Momentum With Estimated 250 Million Users, 200% Transaction Growth Predicted Next Year

An estimated 31 percent of iPhone users have made a purchase with Apple Pay in the past year, up from 25 percent a year ago, according to a new Apple Pay estimates shared today by Loup Ventures analyst Gene Munster.

Apple Pay now has an estimated 252 million users, equating to 31 percent of the active installed iPhone base, according to Munster.


Apple does not provide official details on how many people use Apple Pay, but in a recent earnings call, Apple CEO Tim Cook said that there were upwards of 1 billion Apple Pay transactions in Q3 2018, triple the amount from a year ago.

Based on these figures combined with past Apple reports of yearly Apple Pay growth, Munster expects transaction growth of 200 percent over the course of the next 12 months.


Bank adoption of Apple Pay is also growing steadily, and during the same earnings call, Apple announced that 4,900 banks support the feature. The number of banks supporting Apple Pay has increased by 1,701 since the December quarter, marking a 55 percent growth in North America, 141 percent in Asia, and 370 percent in Europe.

Munster believes that just 20 percent of global smartphone users use their phone as a wallet, a number that he expects to rise to 80 percent in the future.

Apple is well-poised to position the iPhone as the premium digital wallet on the market given that it's the only digital wallet option "with all five payment pillars" defined as mobile, desktop, in-app, peer to peer, and point of sale.

Munster says Apple Pay is much more popular overseas, with 85 percent of users being international compared to 15 percent in the United States. Apple Pay is estimated to have 38 million users in the U.S. and 215 million in the 20+ other countries where Apple Pay is available.


Apple Pay works in retail locations with the Apple Watch and iPhone, and in apps and on the web with iPhone, iPad, and Mac. As of iOS 11.3, Apple also supports Apple Pay Cash payments, a feature that is currently limited to the United States.

Apple Pay is available in the United States, the United Kingdom, Australia, Canada, Singapore, Switzerland, Hong Kong, France, Russia, China, Japan, New Zealand, Spain, Taiwan, Ireland, Italy, Denmark, Finland, Sweden, UAE, Brazil, Ukraine, Norway, and Poland at the current time, and it is also set to expand to Germany later this year.

Related Roundup: Apple Pay


Top Rated Comments

(View all)

18 weeks ago
Apple Pay was absurdly underestimated at launch.

1) builds lock-in
2) more secure
3) send & receive cash from friends
4) whatever else I'm forgetting
Rating: 10 Votes
18 weeks ago
I hate that how peer to peer is set up. Using iMessage doesn’t feel like the best approach.

I wish there was a way to open the wallet app and send money through the wallet. It would be cool to have it set up like AirDrop.

AirDrop cash to each other would be nice.
Rating: 9 Votes
18 weeks ago
That’s great especially considering that there are a lot of places it’s not available yet.

I use Apple Pay all the time. Almost everyday.
Rating: 9 Votes
18 weeks ago

I just need Target & Chipotle to support it in-store.


I think Target and Walmart are going to hold out since they want all your data.

Costco now accepts it! Just did it for the first time yesterday.
Rating: 8 Votes
18 weeks ago
I would use Apple Pay way more often if more places accepted it.
Rating: 7 Votes
18 weeks ago
Apple Pay for the win.
Rating: 7 Votes
18 weeks ago
I just need Target & Chipotle to support it in-store.
Rating: 7 Votes
18 weeks ago
Meanwhile Germany is like „EVERY BANK MAKE THEIR OWN MOBILE PAYMENT SOLUTION“ which no one is going to use cuz cash for LIFE
Rating: 4 Votes
18 weeks ago

I'm surprised at the number of places I shop that take apple pay. Most big box stores accept apple pay. Most supermarkets, most fast food places. Lowes, home depot accept it. As you noted, Whole Foods and Trader Joes as well. The holdout is CVS.

Most businesses today, that accept NFC, accept apple pay. Apple pay is much faster than fishing a credit card out, unless one is holding the credit card in their hand. Apple pay is also faster, imo, for whatever reason than a credit card. I always try apple pay first, because until you try you don't know.

On average I use apple pay about 5-6 times a day in various establishments. Even in the corporate building the cafe accepts apple pay as do all of the vending machines. The vending machines in my gym also accepts apple pay.


Same here. I’ve actually stopped taking the physical card altogether. Other than occasional restaurants and pop up shops?  Pay is accepted almost everywhere I go and do business, including the chicken shop around the corner.
Rating: 4 Votes
18 weeks ago
Apple Pay will be available in Germany, a country were most people are paying with real money instead of plastic.

Still waiting for release in the Netherlands.
Rating: 4 Votes

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