The New Apple Pay Survey Investors Are Reading Today

Citi issued a report on Tuesday highlighting Apple Inc.

and looking ahead at the evolving mobile payments market. Analysts Jim Suva and Donald Fandetti discussed their views on the results of a survey on Apple Pay usage and the benefits versus other operating systems. 1. Mobile Payment is still not mainstream: Only 2 percent of survey respondents used mobile wallets online and in stores. 2. iPhone 6 users are 3x more likely to use or have used Apple Pay vs other competing hardware/operating systems. 3. 20 percent of small business owners are interested in implementing mobile payment while 20 percent have already implemented the system: 20 percent of those who already use Apple Pay reported mobile payment transactions greater than 50 percent of total transactions. The survey showed that Apple Pay users are more likely to use the service across physical stores compared to competitive mobile payment systems. Convenience and security are key factors for usage of all mobile wallet users. Apple Pay users cite speed as another key factor. Competing wallet users largely cite mobile deals as a reason for usage. Some concerns of Apple Pay include limited merchant locations and credit card information security. Apple Inc. closed Monday at $126.37.