These Last Few Weeks Have Seen a Meteoric Rise in Apple Pay Usage

meteoric rise in Apple Pay

In a new note released, Deutsche Bank analyst Bryan Keane said that holiday spending data from Salesforce shows that the number of people using Apple Pay is growing “extremely quickly,” up 52% from last year.

Apple Pay’s rise seems to be hurting PayPal, which has been the leader for a long time: Keane said that the number of people using PayPal has dropped by 8% worldwide in the past year.

About 5% and 16% of all online purchases are now made with Apple Pay and PayPal, respectively.

Apple Pay and PayPal are going in different directions at a time when the holiday shopping season as a whole is off to a rocky start because shoppers aren’t happy with rising prices.

Adobe data showed that by 6 p.m. ET on Cyber Monday, people had spent $6.3 billion online. Adobe thinks that Cyber Monday will bring in a record $11.2 billion to $11.6 billion online because shoppers were looking for deals.

BMO Capital Markets analyst Simeon Siegel wrote, “Continuing our checks of the unofficial start of the holiday season, Cyber Monday showed headline promotions that were mostly deeper than last year. This included a number of connected fitness companies like Peloton, Mirror, and Ergatta.”

Adobe said that the amount spent over the Black Friday weekend only went up 4.4% from the year before, to $9.5 billion. From November 1 to November 27, consumers spent $96.42 billion online, which is 2.1% more than 2021.

Mastercard SpendingPulse data shows that retail sales in the U.S. on Black Friday were up 12% from the same day last year, excluding sales of cars. That was less than what Mastercard had predicted, which was a 15% growth.