Apple Pay and similar services overtake cash for in-store payment methods

Apple Pay and similar services overtook cash as the preferred method for in-store payments in 2020, according to a new FIS study (a subscription is required to read the entire article). FIS is an American Fortune 500 company which offers a wide range of financial products and services.

According to the study:

° The use of cash usage dropped 10% last year to account for only one-fifth of all face-to-face payments worldwide. 

° In Canada, UK, France, Norway, Sweden, and Australia, use of cash for in-store payments fell by half or more.

° Cash payments in the U.S. made up $1 trilion of store payments last year, down from $1.4 trillion in 2019. 

° The Asia-Pacific region leads in the use of mobile wallets, with about 40% of in-store payments in the region being conducted through contactless payments. ° ° Mobile wallet usage now accounts for about 10% of in-store payments in North American, 8% in the Middle East and Africa, 7% in Europe, and 6% in Latin American.

FIS predicts that cash will make up less than 10% of in-store payments in the U.S. and just 13% globally by 2024.

Dennis Sellers
the authorDennis Sellers
Dennis Sellers is the editor/publisher of Apple World Today. He’s been an “Apple journalist” since 1995 (starting with the first big Apple news site, MacCentral). He loves to read, run, play sports, and watch movies.