This week, market research company Phoenix Marketing International shared the results of a year’s worth of research on mobile payments, specifically Apple Pay. The company found that although Apple Pay adoption is growing, that growth has slowed considerably in recent months.
Phoenix surveyed 3,000 people who identified as financial decision makers for households and also owned a personal credit card or charge card. In February, four months after Apple Pay launched, 11 percent of respondents said they had signed up for Apple Pay. But by September, the number of respondents who had signed up for Apple Pay had only increased to 14 percent.
In part, the low number of users can be attributed to the fact that Apple Pay only works on iPhone models after iPhone 6. In February, 16 percent of Phoenix’s respondents had an iPhone that supported the platform. In September, only 19 percent had a phone that could use Apple Pay. The September survey was conducted between September 17 and October 1, but Apple’s newer iPhones (the 6S and the 6S Plus) did not arrive on the scene until September 25.