Apple Pay Projected to be 10% of Global Card Transactions by 2025
According to a report from Quartz, Apple Pay my represent 10% of global card transactions by 2025. This data comes from the research firm Bernstein, which says that Apple Pay currently makes up 5% of global card transactions.
In 2019, Apple Pay surpassed Starbucks as the most used mobile payment app in America. Apple Pay covers 30.3% of the American market, significantly more than other mobile wallets. By 2023, the mobile payment market in the United States is expected to reach $220 billion.
The popularity of Apple’s digital wallet may be due in part to the growth of its smartwatch. There were more Apple Watches sold last year than the entire Swiss watch industry, with 31 million units shipped worldwide. Combine that with the volume of Apple smartphone users who have adopted Apple Pay, and there is strong potential for continued growth in the future.
A survey from 2018 ranked Apple Pay as the top peer-to-peer payment system, surpassing Facebook P2P Payments, Square’s Cash App, Venmo and Zelle. Apple Pay ranked particularly high in data privacy, but they also prevailed in payment authentication, customer support and data security.
This entry was posted in Credit Card News and tagged mobile payments , digital wallet , Apple , mobile apps , Venmo , card transactions , mobile security , Apple Pay , Square Cash , mobile pay , Apple Watch , data privacy , P2P , peer to peer payments , payment authentication , peer to peer , Zelle , P2P payment
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