Reports show leading position of Apple Pay in mobile payments

28 July 2016

Apple PayAccording to the second quarter report unveiled by Apple its Apple Pay payment platform is featuring steady growth. According to the report the mobile payment system is expanding all over the world while maintaining the strong position in the US market in spite of ever pressing competition. This June number of active users for Apple Pay on an annual basis increased by 450%, which is caused by the mobile payment system’s expansion to other markets across the globe.

US consumers perform 3 out of 4 contactless transactions using Apple Pay. As shown by the figures for January 2015 Apple Pay processed 2/3 of the contactless payments capacity. While it is installed on as few as 43% smartphones, the position is awe-inspiring, which was evident last year, when its rivals experienced decline.

Meantime, the company may face some controversy in Australia, where large Aussie banks filed an application with the Australian Competition and Consumer Commission (ACCC) for the permit to start negotiations with Apple over their own mobile payment proposal for iPhone devices, all because of Apple’s limitations imposed on its Secure Element access, making Apple Pay the only mobile payment option on the device. Positive outcome for the Australian banks would mean upheaval for the platform’s position in other markets, and in US, in particular, as it would set a precedent for installing other services on iPhones.

According to some research the US mobile payments market is expected to grow to 74 million US dollars this year in its volumes and reach 503 billion US dollars by 2020.

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