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

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Re: Apple Pay on pace to account for 10% of global card transactions

#11
post #6

They will accelerate if they could roll out Apple Card around the world.

I wonder why this is. Maybe it's because there's some limited number of markets outside the US Goldman Sachs can legally do business with? If so, I imagine Apple has to find a card partner for those other markets.

Edit: I realize Apple Pay in other markets would be hard if they wanted to keep the 1%/2% daily cash feature due to transaction fee limits, as the other comment has said.

Re: Apple Pay on pace to account for 10% of global card transactions

#12
Apple Pay makes many purchases almost an impulse buy for me. "Hmm, that looks interesting...and you take Apple Pay? And I am buying it from someone other than Amazon, without my credit card getting stolen again? Take my money with a single click!"

Re: Apple Pay on pace to account for 10% of global card transactions

#13
post #4

BART and Muni need to start accepting Apple Pay ASAP. You can already do it in the UK and many other countries. Adoption of technologies like NFC payments in public transport is a good metric to see how competent a local government is.

New York is very quickly rolling out OMNY, which does support apple pay. It makes me happy, and I can't wait until I can buy my monthly that way

Re: Apple Pay on pace to account for 10% of global card transactions

#14
post #9

I unabashedly love apple pay and use it preferentially whenever I can. in the US, it's faster than chip-and-pin cards by a LOT. It rolls a new number every time I use it, so i can pay at sketchy gas stations at 2 AM and not care about skimming. More and more gas stations are upgrading their pump POS pads so i can refuel my bike without digging under my armour for my wallet. On websites, my only quibble is that it's o…

I have actually started preferring 76 stations because they all support the 76 app which lets me pay without credit card. My card was skimmed (and recreated into a new physical card!) earlier this year, which almost certainly happened at a gas station.

I'm holding out; i don't want to install yet another app, i want to wave my watch at the thing and have gas come out without mobil knowing more about me.

Re: Apple Pay on pace to account for 10% of global card transactions

#15
I thought Apple pay was really dumb... and then I started using it. Especially with an Apple Watch: when I get to checkout, I can fumble with my wallet, dig out a card, wait ten seconds for the chip to read, and then put the card away.... or I can tap a button on my watch twice and wave it near the reader. Done.

Re: Apple Pay on pace to account for 10% of global card transactions

#16
Wow I always thought this was a gimmick that no one used, I'll have to evaluate. even 5% doesn't sound right to me (of course the headline is an estimate).

> Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by 2025,

Re: Apple Pay on pace to account for 10% of global card transactions

#17
A big part of this is that apparently US credit card companies decided not to include contactless when they switched over to chip cards, in order to save money. Ironically, contactless was becoming fairly common before the move to EMV, but is now pretty rare. I think about half my cards had it a few years ago, but now none do.

Re: Apple Pay on pace to account for 10% of global card transactions

#18
This is quite impressive, although inconclusive... Apple Pay currently accounts for 5% of credit card payments (from article), but, more importantly, this does not include non-card transactions like WeChat!

Still, I think that Apples deep ecosystem integration will ultimately allow them to make a really compelling payments platform. The existing work on the Apple Card is surprisingly compelling. By just offering some basic, but fun bookkeeping (the colors changing on the digital card and a list of purchases), Apple has already made a product many of my peers want to use.

I expect peer to peer payments to get more attention and some "Apple Health for Money" product to come out in the medium term future.

Re: Apple Pay on pace to account for 10% of global card transactions

#19
5% at the moment seems like an incredibly high number to me, at least in the US. I looked it up here, where the stats say a different number: https://www.pymnts.com/apple-pay-adoption/

Also latest is about 51% of merchants have compatible equipment.

1.1% of sales is apple pay. Also usage numbers have gone down from 2018 to 2019. Seems like a puff piece to me?

Re: Apple Pay on pace to account for 10% of global card transactions

#20
post #9

I unabashedly love apple pay and use it preferentially whenever I can. in the US, it's faster than chip-and-pin cards by a LOT. It rolls a new number every time I use it, so i can pay at sketchy gas stations at 2 AM and not care about skimming. More and more gas stations are upgrading their pump POS pads so i can refuel my bike without digging under my armour for my wallet. On websites, my only quibble is that it's o…

I have actually started preferring 76 stations because they all support the 76 app which lets me pay without credit card. My card was skimmed (and recreated into a new physical card!) earlier this year, which almost certainly happened at a gas station.

I find myself using these systems more as well. Publix, Kroger, and Walmart all have respective apps where you can scan a QR code on the screen (for both non-self-checkout and self-checkout) and pay using a card on file. Although, I think I use them only because they've chosen to not support Apple Pay and other mobile payment providers.
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