Apple Pay Projected to be 10% of Global Card Transactions by 2025

Apple Pay Projected to be 10% of Global Card Transactions by 2025

February 13, 2020         Written By Bill Hardekopf

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.

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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.

The information contained within this article was accurate as of February 13, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.