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Where Are People Using Apple Pay?

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In a new report, Phoenix Financial Services analyst Greg Weed looked at which retailers are participating in Apple Inc. (NASDAQ: AAPL)’s Apple Pay digital wallet program and exactly how much their customers are using Apple Pay.

The Phoenix study looked only at credit cards linked to Apple Pay and references a Credit Card Monitor survey of more than 9,000 credit card holders.

According to the survey results, 67 percent of those making a credit card purchase with Apple Pay have made an in-app credit card transaction. In addition 32 percent of Apple Pay credit card transactions recorded by customers were in-app.

Other than Apple stores, McDonald’s Corporation (NYSE: MCD), Macy’s Inc. (NYSE: M) and Subway topped the list of merchant brands in which Apple Pay users made at least one in-store purchase using a credit card.

In terms of high-frequency purchases, McDonalds, Walgreens Boots Alliance Inc (NASDAQ: WAG) and Subway are the top retailers for high-frequency (at least once per month) Apple Pay credit card transactions.

Disclosure: the author holds no position in the stocks mentioned.

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DateFirmActionFromTo
Sep 2017Morgan StanleyMaintainsOverweight
Sep 2017NomuraMaintainsBuy
Aug 2017NomuraMaintainsBuy

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