7-Eleven and CVS Pharmacy will Accept Apple Pay later this year

7-Eleven and CVS Pharmacy will Accept Apple Pay later this year

7-Eleven and CVS Pharmacy will Accept Apple Pay later this year

The platform easily dominates the world of OEM Pay wallets, which is huge, considering contactless payments are predicted to account for one in three in-store transactions by 2020.

Since its 2014 launch, Apple Pay has exploded in popularity, especially in the past couple years. That means that you can use your iPhone, iPad or Apple Watch to make purchases at any retailers who support Apple's mobile payment service.

The 41.3 million iPhones shipped by Apple gave the company 12.1 percent of the global market compared to 20.9 percent for Samsung and 15.8 percent for Huawei. The Cupertino company has been gradually expanding Apple Pay in recent years. The feature allowed users to send and receive money directly through iMessage, challenging PayPal's Venmo service.

Mobile payment systems might not yet be as common as, say, credit cards, but their silent and steady growth is like a stealthy invasion that will suddenly take us by surprise. However, the company has not specified when it is released.

Apple Pay is also expanding to Germany later this year, following its arrival in a number of other European countries, including the United Kingdom and Spain.

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Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent.

According to Apple, its mobile payment service will hit gas stations and a wide range of convenience stores in the US.

"We feel great about our current services and are thrilled about our pipeline with some new services as well". This will add to the over two dozen countries and regions where the service is available, with 4,900 banking partners.

But Google Pay beat its rival to the punch a little over a month ago, prompting this quick response and... vague announcement.

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