According to a new report from TradingPlatforms, an online education and comparison platform for online traders, Apple Pay has surpassed Mastercard as the payment system handling the most annual transactions at over $6 trillion. According to the data, Apple Pay could pose a severe challenge to VISA’s market share in the future.
“Apple Pay is increasingly becoming the go-to payment method for consumers and businesses alike,” says Edith Reads from TradingPlatforms.com. “The fact that it has now processed more transactions than Mastercard is a testament to its popularity. Already, it has outdone Mastercard with only VISA remaining on top. Apple Pay has an undue advantage and benefits from their monopoly on iPhone NFC hardware. We expect to see Apple Pay continue to grow in popularity and market share in the coming years.”
From the TradingPlatforms report:
° Apple Pay is rolling out in multiple countries. In 2021, Apple expanded its global footprint by delivering its mobile wallet to nine new areas. Notable among the nine countries are Colombia, Israel, and Mexico. Besides, they are currently in talks with Hyundai to expand to Korea. With this expansion, the company’s presence reaches approximately 60 countries and regions.
° Tap-to-pay (T2P) technology is not new but has seen tremendous growth over the past two years. While Apple Pay is snowballing in brick-and-mortar stores, it is exploding in the online and mobile shopping markets.