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Wednesday, April 22, 2015

Apple Pay growth comes at a huge loss for PayPal, study shows

Apple Pay is still picking up momentum, but it may come at a cost to competing services. A new report provided to TechnoBuffalo by 451 Research reveals that Cupertino’s mobile payment growth is taking a big bite out of PayPal’s service.
The study, which polled 4,168 people mostly in North America, focused on general interest in mobile payments along with specific services. The results indicate that while the market may be growing overall, Apple seems to be vacuuming up most of that growth.
Mobile payments still aren’t particularly popular, with just 11 percent of people saying they were “very likely” to use a service like Apple Pay and 14 percent saying they were “somewhat likely.” However, 451 Research notes that interest is up a full six points compared to a year ago.
Breaking those results down by platform, 34 percent of iPhone owners were pro mobile payments, followed by 16 percent for Android, 13 percent for BlackBerry and 5 percent for Windows Phone.
When asked which mobile payment app they actually planned to use, Apple Pay performed even better among consumers, grabbing 45 percent (up from 40 percent in December) of the polled market. PayPal came in second at 28 percent (down from last year), followed by Google Wallet at 13 percent (up slightly from last year).
Apple Pay also beats PayPal and Google Wallet when it comes to customer satisfaction, scoring a 66 percent in the study. Google’s alternative came in at just 33 percent, with PayPal doing a little better with 45 percent customer satisfaction.
For now Apple clearly has the advantage, but as mobile payments continue to grow, that may not always be the case. After all, some people don’t even own an iPhone, so there’s a huge block of Android owners who don’t have access to Apple Pay. It’s possible, too, that Samsung’s new Samsung Pay service will start to pull users away from Apple Pay.

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