According to recent research, Apple Pay has surpassed Mastercard in terms of the dollar value of transactions annually. With a total of $6 trillion, it is already halfway to matching Visa.
Since its introduction in 2013, Apple Pay has grown in popularity among consumers, banks, and merchants. By 2021, 92% of all debit transactions involving mobile devices would have used Apple Pay.
According to comparison website trading Platforms, Apple Pay is currently only surpassed by Visa as the second most popular digital payment mechanism. The largest Visa processes over $10 trillion in transactions over the course of a year, with Apple Pay handling over $6 trillion.
It suggests that for the first time, Apple Pay has completely surpassed Mastercard, which handles around $4.8 trillion in transactions, along with Apple Card. Additionally, Alipay, which supposedly handles transactions worth exactly $6 trillion, has been destroyed by Apple Pay.
With over $2.5 trillion in transaction value, Google’s G Play is said to be in fifth place.
“Apple Pay is more and more changing into the go-to cost technique for customers and companies alike,” mentioned Edith Reads, who’s cited as a TradingPlatforms‘ finance skilled. “The truth that it has now processed extra transactions than Mastercard is a testomony to its reputation.”
“Apple Pay has an undue benefit and advantages from their monopoly on iPhone NFC {hardware},” she continued. “We count on to see Apple Pay proceed to develop in reputation and market share within the coming years.”
Given what we know about Apple’s financial results and transaction costs, at the very least, the information provided appears to be in the ballpark. Other than Google, other companies are more transparent about transaction volume, and they appear to be about right as well.
Additionally, the claim that Apple defeated Mastercard is probably true because both companies and the other three appear to have been compared over the same time period. But even though TradingPlatforms claims that the data was obtained from Statista and was derived from “annual transactions,” it doesn’t say for what time frame.
As a result, it is unclear whether or not that refers to the most recent calendar year or an undefined financial year.
The TradingPlatforms‘ press launch reporting on its analysis is credited to author Edith Muthoni. However the LinkedIn web page for the finance skilled she quotes right here and in earlier articles, Edith Reads, has the identical bio picture that Muthoni makes use of.
