Apple Pay Accounts for 90% Mobile Transactions

Posted by Kirhat | Thursday, November 02, 2017 | | 0 comments »

Apple Pay
While everyone will have to wait a little longer for Apple to launch payments in iMessage, a few days ago, Jennifer Bailey, Apple's VP of Apple Pay, announced a series of other milestones for the digital wallet and payments service that competes against the likes of Android Pay from Google, Samsung's wallet and others efforts from retailers and banks.

The advances point to how Apple wants to steal a march when it comes to using phones as a proxy for a card or cash, and there is some anecdotal evidence that it's working: merchants and others who have partnered with Apple say that Apple Pay is accounting for 90 percent of all mobile contactless transactions globally in markets where it’s available.

"Apple Pay is the future of everyday spend," said Bailey on stage at the Money 20/20 conference that kicked off in Las Vegas yesterday.

Bailey also announced that the service is launching in Denmark, Finland, Sweden, and the UAE in the next few days, bringing the total number of countries where it is used up to 20. And she said that 4,000 issuers worldwide now work with the wallet (that is, there are now 4,000 credit and debit card issuers whose cards can now be uploaded to and used via Apple Pay).

While these may not sound like a massive numbers on their own, 20 markets represents a full 70 percent of the world's card transaction volume, she noted. This underscores how Apple is approaching the roll out of its payment service: it is moving first to where the money is.

With that expansion, she also revealed a bit more about how Apple Pay is going to become more ubiquitous, not just in terms of retailers where you can use it, but in terms of use cases.

When Apple Pay Cash it turned on, for example, it will operate like Venmo, allowing users to transfer money quickly to each other via iMessage, Siri and other channels -- a service that "thousands" of Apple employees are now already using in a closed beta before the service is turned on more widely later this year in an iOS 11 update.

But in addition to that, users will also be able to take that money and spend it directly at retailers and others that accept Apple Pay.

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