Apple Pay processed US$600 billion to $700 billion in payments in 2022, estimates MoffettNathanson analyst Lisa Ellis.
It’s also gaining market share in online “branded” checkout (seeing Apple Pay as an option for a payment), she wrote in a note on Tuesday — as noted by Barron’s.
Apple Cash—a P2P platform and cash back service—hasn’t been so successful, she writes. The Apple Card has been only a “modest” hit with 7.5 million users.
Still, while iPhone users can download apps such PayPal and Venmo, the level of ease of using an Apple app on Apple hardware could be more glue for Apple and less stickiness for rivals.
“Apple has emerged as the most formidable Big Tech player in Payments, due to its scale, commitment, resources, and affluence of its user base,” Ellis said in her note.
