top of page
  • Frank Tian

🍎 Apple Pay Grows Big - How Big?

Recently an article about Apple Pay volume overtaking MasterCard is quickly circulating.


Well, it is not an Apple-to-Apple comparison.


Apple Pay is a Digital Wallet. MasterCard is a Payment Scheme.


A wallet hosts cards issued from the networks like MasterCard, Visa, Amex, etc.


The comparison is meant to make a point of Apply Pay’s steady growth but is used the wrong way to present.


To comprehend Apple Pay’s size in the payment market, take a look at this report from PYMNTS.com, which has tracked digital wallet pay for years. Mobile Wallet Adoption (August 2022)


🔲 Estimated volumes in 2022, in the US:


◾There are in total $6.5 trillion in-store retail sales


◾$4.9 trillion at merchants accepting Apple Pay


◾Only $200~ billion actually paid by Apple Pay, equivalent to 3 cents per dollar.


🔲 Looking from the Apple ecosystem perspective:


◾Apple captures 50%~ of smartphones in the US


◾75%+ merchants accept Apple Pay in store


◾Among those with iPhone in a store Apple Pay is accepted, 9 out of 10 do not use Apple Pay.


Why?


According to respondents in the survey, a contactless card is convenient enough.


Speaking from a personal experience, I always pull up a plastic when paying at the drive-through window - I am afraid to drop my phone.


🔹If you enjoy this post, consider receiving content like this in your inbox.


Recent Posts

See All

🎉 Apple No Show at BNPL Party

Apple Pay Later was nowhere to see in the iOS 16 release. When can you see it? Apple: Later. Why the delay? Per Mark Gurman from Bloomberg, “there have been fairly significant technical and engineerin

Comments


bottom of page