What you need to know
- A report says that Apple Pay will account for 10% of global card transactions by 2025.
- Currently, Apple Pay accounts for around 5%.
- The digital payments sector is worth around $1 trillion in revenue around the world.
A report states that Apple Pay will account for 10% of all global card transactions by 2025.
According to Quartz:
The news follows another recent report suggesting that by 2024, Apple Pay will account for 52% of all OEM transactions, that's payments made on devices using services like Apple Pay, as well as Samsung and Google's alternative.
This new report says that in a few years, Apple Pay will account for 10% of all global card transactions, not just OEM or contactless.
The report notes that the digital payment market is worth around $1 trillion in revenue and that Visa and MasterCard process more than $14 trillion of payments per year.
Like most card issuers, Apple takes a tiny percentage of each Apple Pay transaction, using it to boost its increasingly prominent services revenue. The report also notes that over the next four years, contactless payments in America are forecast to increase to $1.5 trillion.
Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.
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