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.
コメント