Turns out people do actually use Apple Pay after all
Apple Pay is apparently now more popular than Mastercard
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
The amount of money spent usingApple Payhas reportedly reached a new high as consumers increasingly use their smartphones to buy goods and services.
New data from TradingPlatforms.com suggests that themobile paymentsservice processed over $6 trillion over the last twelve months - a greater amount than that spent using Mastercard.
Citing data from Statista, thereportsays thatApplePay is now the second-biggest provider of digital payments, although it is still some way behind market leader Visa, which facilitated around $10 trillion in payments over the same period.
Apple Pay success
“Apple Pay is increasingly becoming the go-to payment method for consumers and businesses alike,” TradingPlatforms.com’s Edith Reads noted. “The fact that it has now processed more transactions than Mastercard is a testament to its popularity. Already, it has outdone Mastercard with only Visa remaining on top. Apple Pay has an undue advantage and benefits from their monopoly on iPhone NFC hardware. We expect to see Apple Pay continue to grow in popularity and market share in the coming years.”
EU tightens the leash on Google, Apple, Meta with sweeping new digital laws>These are the best merchants services right now>Apple Pay Later financing to be handled by Apple itself
Apple has been hard at work boosting the capabilities of its payment service over the past twelve months, with Apple Pay now a crucial part of the company’s work, available on its newestiPhone 14and iPhone 14 Plus.
This includes the recent launch ofApple Pay Later, which lets shoppers split the cost of a purchase made with their device into four equal payments over six weeks, without incurring interest or late fees.
Available as a payment option whenever a user checks out with Apple Pay or Wallet, the service gives users a clear view of exactly what payment amounts are expected, and on which date. Users have the option to pay early to clear a balance if wanted, with Apple saying the tool is “designed with users’ financial health in mind”.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
The company has also made it easier to pay in stores using your Apple smartphone with the launch of itsTap to Payon iPhone service, allowing small businesses to accept payment via iPhone.
Apple also recently announceda partnership with Squareto build the service into the latter’s POS terminals, making the service even more widely available to start-ups around the world.
Mike Moore is Deputy Editor at TechRadar Pro. He has worked as a B2B and B2C tech journalist for nearly a decade, including at one of the UK’s leading national newspapers and fellow Future title ITProPortal, and when he’s not keeping track of all the latest enterprise and workplace trends, can most likely be found watching, following or taking part in some kind of sport.
7 myths about email security everyone should stop believing
Best Usenet client of 2024
GoPro Max 2 hit by further delays – 2025 is the earliest we’ll see the 360-degree action cam
