Apple Pay now accounts for 5% of global card transactions

Apple Pay

Apple Pay

Apple Pay use is growing around the world, offering Apple an alternative stream of revenue as sales of physical technology like the iPhone slowed globally during the previous year.

Apple Pay will be responsible for 1-in-10 global card transactions by 2025 worth trillions of dollars a year and even rival PayPal for online payments. European antitrust authorities have also raised concerns about Apple Pay, according to Reuters. According to forecasts from Juniper Research in the U.S. contactless payments market will grow to us $ 1.5 trillion in 2024, compared with 178 billion dollars in this thdo. If that growth trend continues, it may well become a long-term competitive threat to PayPal - and could even end up competing with Visa and Mastercard if it chose to set up its own payments network much further down the line. Ambitions of the company in the area of payments based on years of experience of card transactions and an extensive client base, consisting of hundreds of millions of iPhone users.

But the latest Apple Pay projections from Bernstein is undoubtedly good news for Apple as it looks to define the next decade of its business. Wrote a group of Bernstein analysts in their research note, led by analyst Harshita Rawat, "There are indeed plenty of reasons to worry that Apple may attempt to disrupt the payments ecosystem".

Part of the expected increase in contactless payment usage is due to the expected growth in wearable devices (such as the Apple Watch) that can conduct such transactions.

How does Apple make money from Apple Pay card transactions?

Apple Pay launched in 2014 and allows people to "virtually store" their credit and debit cards then use their phone to make purchases on and offline.

Foxconn hopes to resume 50% of production by end of Feb
But it is not the first time that it has been talked about, not even with regards to tablets. But there is a new wrinkle in the design of the 5G iPhone, and that's the antenna.

This new report says that in a few years, Apple Pay will account for 10% of all global card transactions, not just OEM or contactless. And according to other research, contactless payments is said to increase to US$1.5 trillion in 2024.

Apple faces competition in China from QR code-based mobile payment services from Chinese tech giants Alibaba and Tencent.

For most iPhones double pressing the home button will bring up the Apple Pay function, which will use your fingerprint to confirm the transaction.

Apple Pay is the Apple's mobile payment and virtual wallet service.

On the iPhoneX, users must press the sleep/wake button twice to invoke Apple Pay. That's why Apple Pay is the only iPhone mobile wallet that can make NFC transactions.

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