JP Morgan Chase has announced that over 1 Million customers are using their credit and debit card on ApplePay service during the company’s 2015 Investor Day on Tuesday. ApplePay is a payment service provided by Apple so that the customers can make payment easier. The customers just need to tap their iPhone to particular terminal at the cashier and the payment is done. ApplePay was launched about 4 months ago and it is expected to grow over the next few years. Apple’s CEO, Tim Cook even called 2015 as the year of Apple Pay.
It is reported that Chase customers who use ApplePay tend to be younger with higher incomes. The statistic shows that about 69 percent of the transactions were credit based, while the remaining 31 percent were debit card transactions.
“We were an early participant of Apple Pay,” said Eileen Serra, CEO of Chase Card Services. “We do continue to see good growth in the number of consumers that are provisioning Chase cards in their Apple Pay wallet.”
Another similar statistic was reported by Bank of America in January. It is reported that almost 800,000 customers are using the bank’s 1.1 million cards on ApplePay service. Visa on the other hand, planned to introduce the company’s own network level tokenization service this April starting from Europe region. This plan will lay technological foundation for international Apple Pay rollout.