Apple Pay on pace to account for 10% of global card transactions — Quartz


13 bookmarks. First posted by geetarista 14 days ago.


Apple Pay on pace to account for 10% of global card transactions — Quartz
from twitter
12 days ago by rickc57
John Detrixhe:
<p>Apple’s mobile wallet is gobbling up a growing chunk of card payments around the world. As the service grows, it’s becoming a greater challenge to rivals like PayPal and attracting the attention of competition watchdogs.

Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by 2025, according to recent trend data compiled by Bernstein, a research firm. “There are indeed plenty of reasons to worry that Apple may attempt to disrupt the payments ecosystem,” Bernstein analysts, led by Harshita Rawat, wrote in a research note.</p>


My initial reaction to this was "that's got to be nonsense - someone at Bernstein has dropped a few zeros." The story says digital payments are about $1trn in revenue, while Visa and Mastercard process more than $14trn annually, and growing.

But: assume 750m iPhone users globally (slightly under the figure estimated by Neil Cybart of Above Avalon, around the number that most people use for handy calculations). For Apple Pay to be 5% of the $1trn would make it the avenue for $50bn of transactions. Crazy? But that's only $66 per iPhone per year paid by Apple Pay. Given its lack of payment limit, a few big spenders buying big-ticket items (such as iPhones on their Apple Credit Card, on which they get cashback) could easily make up for large numbers of non-Apple Pay users.

OK, what about the bigger, $14trn number? Well: 5% of $14trn is $700bn, or $933 per iPhone per year. Now you definitely need your big spenders to make up for those who don't use Apple Pay, but it's feasible: assume one user for every two non-users (so an Apple Pay user base of 250m), and it's $2,800 per year, or a bit more than $50 every week. Some people spend that much on coffee per week. Little things add up.
applepay 
13 days ago by charlesarthur
Apple Pay macht derzeit rund 5% der weltweiten Kreditkartentransaktionen aus. Tendenz steigend.
ski 
13 days ago by clabeck
Research: Apple Pay makes up about 5% of global card transactions and is on pace to double that share by 2025
13 days ago by joeo10
Wow - curious to read the original Bernstein report quoted in this article.
from twitter_favs
13 days ago by oismail91
Wow - curious to read the original Bernstein report quoted in this article.
from twitter_favs
13 days ago by jackveiga
QUOTE Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by 2025, according to recent trend data compiled by Bernstein, a research firm.....Apple CEO Tim Cook is aiming to give the wallet an extra boost by linking it to cash backs through the company’s credit card. Apple Pay revenue and transactions more than doubled in its last fiscal quarter, Cook said recently in a conference call with analysts, and the wallet is becoming more widely available for train and bus commuting around the world, with rollouts in Chinese cities like Shenzhen and Guangzhou coming this spring.
3PW  FK  F619 
13 days ago by lafgrp
Apple Pay is on pace to account for 10% of all global card transactions
loopinsight  spike 
13 days ago by edan
«Apple Pay makes up about 5% of global card transactions and is on pace to double to 10% of such payments by 2025 »
from twitter_favs
14 days ago by ThomNagy
Apple Pay is getting more attention—including from competition watchdogs.
14 days ago by jokela