The amount of money spent with Apple Pay has reportedly reached a new high as consumers increasingly use their smartphones to purchase goods and services.
New data from TradingPlatforms.com suggests that the mobile payment service has processed more than €6 billion in the last twelve months, more than was spent with Mastercard.
Citing data from Statista, the report (opens in a new tab) says that Apple Pay is now the second largest provider of digital payments, although it is still far behind market leader Visa, which facilitated around $10 trillion in payments during the same period. . .
Apple payout success
“Apple Pay is increasingly becoming the payment method of choice for consumers and businesses alike,” said Edith Reads of TradingPlatforms.com. "The fact that it has now processed more transactions than Mastercard is a testament to its popularity. It has already surpassed Mastercard and only Visa remains in the lead. Apple Pay has an unfair advantage and benefits from its monopoly on the NFC hardware of the iPhone We, We Expect to see Apple Pay continue to grow in popularity and market share for years to come.
Apple has been hard at work reinforcing the capabilities of its payments service for the past twelve months, and Apple Pay is now a crucial part of the company's work, available on its latest iPhone 14 and iPhone 14 Plus.
This includes the recent launch of Apple Pay Later, which allows shoppers to 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 makes a payment with Apple Pay or Wallet, the service gives users an accurate view of expected payment amounts and when. Users have the option to pay early to pay off a balance if they wish, and Apple says the tool is "designed with users' financial health in mind."
The company has also made paying in-store with your Apple smartphone easier with the launch of its Tap to Pay service on iPhone, which enables small businesses to accept payments via iPhone.
Apple also recently announced a partnership with Square to integrate the service into the latter's point-of-sale terminals, making the service even more available to startups around the world.