In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This insightful piece by John Koetsier published on Forbes reports that Apple could manage a significant portion of global credit card transactions by 2025. Read on.
“Apple Pay is a sleeper billion-dollar business.
We’ve seen Apple services and subscription revenues skyrocket over the past few years as the company turns away from hardware-only revenue and towards valued-added services. One of those is Apple Pay, a purchasing technology that uses traditional credit card mechanics, but clothes it in modern, simple, and powerful technology.
According to one analyst firm, Apple’s winning that battle.
Despite launching just a few years ago in only one country, Apple Pay now accounts for 5% of all global credit card purchase volume, according to financial research firm Bernstein.
Apple Pay uses iPhones and Apple Watches to exchange payment information with contactless point-of-sale terminals. Adoption has likely sped up with the early 2019 launch of Apple Card. Rather than simply paying with other companies’ credit cards, Apple becomes the credit card with Apple Card, which the company launched with Goldman Sachs and Mastercard.”
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