Apple Pay – Competitor Profile
Apple Pay is a mobile payment solution launched by Apple in October 2014. It allows users to store their payment card details to use for future payments. Users hover their mobile device near a contactless terminal and authenticate the transaction via Touch ID, Face ID, or PIN depending on the Apple device used. The solution is accepted at millions of retail outlets globally and supports all major payment networks. In the US alone it is accepted at over 90% of all retailers. Apple Pay is supported by more than 6,600 banks and financial institutions, including major brands such as Bank of America, Capital One, Chase, Citibank, BBVA, Santander, and Wells Fargo. Initially launched in the US, Apple Pay is now available in over 70 countries and regions.
In addition to in-store payments, Apple Pay offers services such as online payments, in-app payments, and cash withdrawals at ATMs. In December 2017, Apple Pay expanded its services to P2P payments, allowing users to make fund transfers among friends and family members using Apple Cash.
Apple offers the Apple Card credit card in partnership with Goldman Sachs and Mastercard. The card is available in both virtual and physical forms and can be applied for through the wallet. It can be used for online and in-store payments. In April 2021, the company launched Apple Card Family, enabling two people in a family to co-own an Apple Card and share the credit limit. The service also allows parents to share their Apple Card with their children while offering spending limits and controls.
In February 2022, Apple announced it would launch its “Tap to Pay on iPhone” feature in the US sometime in 2022. The feature allows merchants to accept Apple Pay and other contactless payment methods using their iPhone, without the need of an additional card reader or POS terminal. Stripe and Shopify will be the first payment service providers to offer the service for their merchants.
The report provides information and insights into Apple Pay including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on revenue model
– The company's important events and milestones
– In October 2014, Apple Pay was launched in the US.
– In September 2016, Apple Pay launched online payments, enabling users to shop in the Safari browser using an iPhone, iPad, or Mac.
– In June 2019 , Apple Pay partnered with Revolut to launch Apple Pay support to Revolut’s customers in 12 additional countries: Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Lithuania, Malta, Portugal, Romania, Slovakia, and Slovenia.
– In March 2022, Apple Pay expanded its services to Argentina and Peru.
Reasons to Buy
– Gain insights into Apple Pay's business operations and key events.
– Gain insights into its product portfolio.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
Table of Contents
Products and Services
Partner Banks and Financial Institutions Globally
Partner Banks and Financial Institutions in the US
Supporting Merchants in the US
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