Apple Pay is on pace to account for 10% of all global card transactions

guest · Feb 11, 2020

Apple Pay is on pace to account for 10% of all global card transactions
February 11, 2020
https://qz.com/1799912/apple-pay-on-pace-to-account-for-10-percent-of-global-card-transactions/

Apple’s mobile wallet is gobbling up a growing chunk of card payments around the world. As the service grows, it’s becoming a greater challenge to rivals like PayPal and attracting the attention of competition watchdogs.

Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by 2025, according to recent trend data compiled by Bernstein, a research firm.

“There are indeed plenty of reasons to worry that Apple may attempt to disrupt the payments ecosystem,” Bernstein analysts, led by Harshita Rawat, wrote in a research note.
The digital payments race is an immense opportunity, representing about $1 trillion in revenue around world.

Apple Pay probably won’t pose a challenge to the card giants anytime soon. [...] Bernstein argues that Apple still needs the card networks, which are ubiquitous and trusted.
The same may not be true for other wallets. “Apple Pay is indeed one of the long-term competitive threats to PayPal,” Bernstein analysts wrote.
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Apple Pay is on pace to account for 10% of all global card transactions

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