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ITG Investment Research Report Finds Strong Apple Pay Momentum
Mobile Payments Study Shows Impressive Early Adoption

NEW YORK, Dec. 19, 2014 (GLOBE NEWSWIRE) -- ITG (NYSE:ITG), a leading independent execution and research broker, today announced the release of an ITG Investment Research Report on Mobile Payments, focusing on the new Apple payments product, Apple Pay. Based on early trends since the October 20th launch, the research finds that Apple Pay has the ability to significantly transform the mobile payment space.

The ITG Mobile Payments report, which uses data from the ITG Investment Research proprietary consumer panel, found that Apple Pay was responsible for 1% of digital payment dollars in the month of November. This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants. In comparison, Google Wallet, which launched in 2011, accounted for only 4% of digital payment dollars in the same month.

Apple Pay could pose a major threat to market leader PayPal's current dominance of the Mobile Payment space, according to Steve Weinstein, Senior Internet Analyst at ITG Investment Research. Citing PayPal's significant infrastructure barriers (a challenging relationship with payment counterparties and the lack of biometric capability) in comparison to Apple Pay's compelling mobile payment solution, Weinstein believes that it will be difficult for PayPal to match the ease of use and consumer appeal of the Apple solution.

Key Research Findings

  • 60% of new Apple Pay customers used Apple Pay on multiple days through November, suggesting strong customer engagement. In comparison, New PayPal customers used the service on multiple days during the same time period just 20% of the time.
  • Apple Pay customers used the service roughly 1.4 times per week and used Apple Pay at the same merchant for future transactions roughly 66% of the time.
  • Upon adoption of Apple Pay, the average consumer uses the service for approximately 5.3% of all future card transactions and 2.3% of all future card dollars spent.
Top 5 Apple Pay Retailers, Transaction and Spending Distribution


% of Apple Pay
% of Apple Pay
1 WHOLE FOODS 20% 28%
2 WALGREENS 19% 12%
3 MCDONALD'S 11% 3%
5 SUBWAY 3% 1%
  Top 5 58% 45%

In addition to Mobile Payments, ITG Investment Research provides data-driven research on over 300 companies in more than 20 sectors. ITG IR also provides macro energy and economic research and bespoke research projects.  For more information about ITG Investment Research, please contact or call the New York sales desk at 212-444-6100.

About ITG

ITG is an independent execution and research broker that partners with global portfolio managers and traders to provide unique data-driven insights throughout the investment process. From investment decision through settlement, ITG helps clients understand market trends, improve performance, mitigate risk and navigate increasingly complex markets. ITG is headquartered in New York with offices in North America, Europe, and Asia Pacific. For more information, please visit

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Investment research products and services are offered by: in the U.S.,  ITG Investment Research, Inc., an affiliate of ITG Inc. (a FINRA Member firm and SIPC Member); in Canada, ITG Canada Corp., member Canadian Investor Protection Fund ("CIPF") and Investment Industry Regulatory Organization of Canada ("IIROC"); in Europe, Investment Technology Group Limited, registered in Ireland No. 283940 ("ITGL") and/or Investment Technology Group Europe Limited, registered in Ireland No. 283939 ("ITGEL") (the registered office of ITGL and ITGEL is First Floor, Block A, Georges Quay, Dublin 2, Ireland and ITGL is a member of the London Stock Exchange, Euronext and Deutsche Börse). ITGL and ITGEL are authorised and regulated by the Central Bank of Ireland; in Asia, ITG Hong Kong Limited (SFC License No. AHD810), ITG Singapore Pte Limited (CMS Licence No. 100138-1), and ITG Australia Limited (AFS License No. 219582). All of the above entities are subsidiaries of Investment Technology Group, Inc.  MATCH NowSM is a product offering of TriAct Canada Marketplace LP ("TriAct"), member CIPF and IIROC.  TriAct is a wholly owned subsidiary of ITG Canada Corp.

These materials are for informational purposes only, and are not intended to be used for trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product.  The information contained herein has been taken from trade and statistical services and other sources we deem reliable but we do not represent that such information is accurate or complete and it should not be relied upon as such.  No guarantee or warranty is made as to the reasonableness of the assumptions or the accuracy of the models or market data used by ITG or the actual results that may be achieved.  These materials do not provide any form of advice (investment, tax or legal).  ITG Inc. is not a registered investment adviser and does not provide investment advice or recommendations to buy or sell securities, to hire any investment adviser or to pursue any investment or trading strategy. All trademarks, service marks, and trade names not owned by ITG are the property of their respective owners. 

CONTACT: ITG Media/Investor Contact:

         J.T. Farley
         (212) 444-6259

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