What you need to know
- Research suggests that Apple Pay will account for 52% of all OEM transactions by 2024.
- Currently, that figure is around 43%.
- A research paper from Juniper Research says that the value of global contactless transactions will reach 6 trillion dollars in 2024.
A report from Juniper Research says that Apple Pay will account for 52% of all OEM transactions by 2024.
According to Telecompaper:
The whole report states that global contactless transaction values will reach nearly $6 trillion by 2024, up from $2 trillion in 2020, driven in part by significant growth in OEM Pay.
OEM payments are those made through on-device services like Apple Pay, Google and Samsung offer similar 'Pay' services.
The research also notes that whilst in places like the US, contactless cards are becoming increasingly prominent, OEM Pay transactions will still outstrip contactless due to the restrictions placed on contactless cards, namely payment limits. Many contactless card issuers set a limit on how much you can spend in one transaction to limit the damage a thief could do if they were to acquire your card. In contrast, there are no restrictions on payments made through Apple Pay because it's protected by Face or Touch ID, as well as your iPhone or Apple Watch passcode.
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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. Follow him on Twitter @stephenwarwick9