Apple Pay processes $6 trillion annually, edges out Mastercard

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content.

New research claims that Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it’s over halfway to equaling Visa.

Since its launch in 2013, Apple Pay has seen rising adoption by users, banks, and retailers, until in 2021 it accounted for 92% of all mobile wallet debit transactions.

Now, according to comparison site TradingPlatforms, Apple Pay is the second most popular digital payment system, beaten only by Visa. The top-ranking Visa processes approximately $10 trillion worth of transactions per year, with Apple Pay on over $6 trillion.

It means that for the first time, Apple Pay has a whole — including Apple Card — has overtaken Mastercard, which processes approximately $4.8 trillion worth of transactions. Apple Pay has also beaten Alipay, which reportedly processes exactly $6 trillion worth of transactions.

READ:   Apple replaced as world's most valuable company by oil firm Aramco

Google’s G Play is said to be in fifth place, with around $2.5 trillion worth of transactions.

“Apple Pay is increasingly becoming the go-to payment method for consumers and businesses alike,” said Edith Reads, who is cited as a TradingPlatforms‘ finance expert. “The fact that it has now processed more transactions than Mastercard is a testament to its popularity.”

“Apple Pay has an undue advantage and benefits from their monopoly on iPhone NFC hardware,” she continued. “We expect to see Apple Pay continue to grow in popularity and market share in the coming years.”

Source: Statista via TradingPlatforms.

The data presented appears to be in the ballpark, at least, given what we know about Apple’s financial results and transaction fees. The other companies other than Google are more transparent about transaction volume, and those appear to be approximately correct as well.

READ:   New 'PacMan' flaw in Apple Silicon is an echo of Spectre and Meltdown

On top of that, the description of Apple beating Mastercard is likely to be valid because they and the other three companies appear to have been compared over the same period. However, while the data is said to be via Statista and be drawn from “annual transactions,” TradingPlatforms does not specify what period that is.

Consequently, it’s not clear from whether this is in the last 12 calendar months, or during some unspecified financial year.

The TradingPlatforms‘ press release reporting on its research is credited to writer Edith Muthoni. But the LinkedIn page for the finance expert she quotes here and in previous articles, Edith Reads, has the same bio photo that Muthoni uses.

SOURCE: APPLE INSIDER

(Visited 2 times, 1 visits today)

Only authentic Gist, News and Gossips around Nigeria.

Related Posts

us-antitrust-officials-ask-to-be-heard-in-epic-vs.-apple-appeal

U.S. antitrust officials ask to be heard in Epic vs. Apple appeal

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. The US Department of Justice has requested to participate in the appeals hearing regarding Epic’s case against Apple’s App Store policies. Apple and Epic Games are

tesla-ordered-to-tell-laid-off-workers-about-lawsuit

Tesla ordered to tell laid off workers about lawsuit

A U.S. District Court has ordered that Tesla must tell employees about a lawsuit alleging the automaker violated state and federal law by requiring workers to sign separation agreements. Two former Tesla employees filed the suit in July, alleging that the company required them to sign releases in exchange for less severance than federal and

iphone-14-reactions,-best-ios-16-features,-and-how-to-benefit-from-focus-filters

iPhone 14 reactions, best iOS 16 features, and how to benefit from Focus Filters

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. Everything you need to know about the iPhone 14 Pro launch and that 48MP camera, plus what’s best in iOS 16 — and in the forthcoming

autonomous-electric-truck-company-einride-rides-into-germany

Autonomous electric truck company Einride rides into Germany

Autonomous and electric truck maker Einride is rolling into Germany, representing its first new market in Europe outside its native Sweden. Founded out of Stockholm in 2016, Einride has raised some $150 million in funding to commercialize a cab-less autonomous cargo truck, one that can be controlled remotely if required by human operators. It’s a

original-iphone-stars-in-stephen-king’s-‘mr.-harrigan’s-phone’

Original iPhone stars in Stephen King’s ‘Mr. Harrigan’s Phone’

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. Netflix released a trailer for “Mr. Harrigan’s Phone” and it modifies the timeline of the original story so the main characters each have an original iPhone.

tencent-lays-off-nearly-all-of-staff-at-its-gaming-site-fanbyte

Tencent lays off nearly all of staff at its gaming site Fanbyte

The first rule of conducting layoffs is to not be a jerk about it. The second rule is to make sure the social media manager you just laid off doesn’t still have access to your accounts. Today, Tencent violated both of those rules as it laid off nearly all of the editorial staff at Fanbyte

Leave a Reply

Your email address will not be published.