The amount of money spent with Apple Pay has reportedly reached a new high as consumers increasingly use their smartphones to purchase goods and services.
New data from TradingPlatforms.com suggests the mobile payment service has processed more than $6 trillion in the past 12 months — a larger amount than the amount spent with Mastercard.
Citing data from Statista, the report (opens in new tab) says Apple Pay is now the second largest provider of digital payments, although it still lags far behind market leader Visa, which has facilitated about $10 trillion in payments over the same period.
Apple Pay Success
“Apple Pay is increasingly becoming the preferred payment method for both consumers and businesses,” noted Edith Reads of TradingPlatforms.com. “The fact that it has now processed more transactions than Mastercard is a testament to its popularity. It has already surpassed Mastercard with only Visa at the top. Apple Pay has an undue advantage, taking advantage of their monopoly on iPhone NFC hardware. We expect to see Apple Pay continue to grow in popularity and market share in the coming years.”
Apple has been working hard over the past twelve months to improve the capabilities of its payment service, with Apple Pay now a crucial part of the company’s work, available on the latest iPhone 14 and iPhone 14 Plus.
This includes the recent launch of Apple Pay Later, which allows buyers to split the cost of a purchase with their device into four equal payments over six weeks, with no interest or late fees.
Available as a payment option when a user checks out with Apple Pay or Wallet, the service gives users a clear view of exactly what payment amounts are expected and on what date. Users have the option to pay early to clear a balance if they wish, with Apple saying the tool was “designed with users’ financial health in mind”.
The company has also made it easier to pay in stores with your Apple smartphone with the launch of its Tap to Pay on iPhone service, which allows small businesses to accept payments via iPhone.
Apple also recently announced a partnership with Square to build the service into the latter’s POS terminals, making the service even more widely available to start-ups around the world.