CUPERTINO, Calif.—Despite a slow start, Apple Pay is now living up to expectations, according to new research.
The research found Apple Pay has topped Mastercard in the dollar value of transactions annually, with its $6 trillion total halfway to equaling Visa’s, Apple Insider reported, citing data from Trading Platforms.
Visa processes approximately $10 trillion worth of transactions per year.
Since its launch in 2013, Apple Pay has seen rising adoption by users, banks, and retailers, until in 2021 it accounted for 92% of all mobile wallet debit transactions, Apple Insider said.
“The data presented appears to be in the ballpark, at least, given what we know about Apple's financial results and transaction fees. The other companies other than Google are more transparent about transaction volume, and those appear to be approximately correct as well,” Apple Insider said.
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