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Alternative Payment Solution: Apple Pay

Alternative Payment Solution: Apple Pay

Summary

Apple Pay is a mobile payment solution launched by Apple in October 2014. At present, the solution is available in 24 markets outside the US. The solution allows users to store their card details for future payments. Users simply need to hover their mobile devices near a contactless terminal and authenticate the transaction with Touch ID, Face ID, or a PIN, depending upon their Apple device.

The solution is accepted at more than 20 million retail outlets globally and supports all major payment networks, including American Express, Visa, Mastercard, and China UnionPay. In the US alone, it is accepted at more than 4.5 million merchant locations and is supported by over 2,200 banks and financial institutions including major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo. Users can store their debit, credit, and store card details on Apple Pay and can use the details to make payments at merchant outlets.

In addition to in-store payments, Apple Pay offers services such as online payments, in-app payments, and cash withdrawals at ATMs. In October 2017, Apple Pay expanded its services to peer-to-peer (P2P) payments, allowing users to make fund transfers among friends and family members using Apple Pay Cash.

Apple Pay is available on a number of Apple devices including the iPhone X, iPhone 8, iPhone 8 Plus, iPhone 7, iPhone 7 Plus, iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, iPhone SE, iPad (5th generation), iPad Pro, iPad Air 2, iPad mini 4, iPad mini 3, and the Apple Watch.

The report provides information and insights into alternative payment solution Apple Pay including -

  • Detailed insight into its business
  • Comprehensive coverage of its products and services
  • Comparative assessment with key alternative payment solutions
  • Information on its performance, including its revenue model
  • The company's important events and milestones
  • Scope
    • Since it was launched in the US in October 2014, Apple Pay has expanded into 24 other markets.
    • In the US, Apple Pay is accepted at nearly 4.5 million merchant locations and is supported by over 2,200 banks including major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo.
    • In December 2017, Apple Pay launched Apple Pay Cash, enabling users to make P2P fund transfers among family and friends.
    • The solution is accepted at more than 20 million retail outlets globally and supports all major payment networks, including American Express, Visa, Mastercard, and China UnionPay.
    Reasons to buy
    • Gain insights into Apple Pay's business operations and key events.
    • Gain insights into its product portfolio and revenue model.
    • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.


    Overview
    Geographical Presence
    Historic Milestones
    Benchmarking
    Performance Highlights
    Revenue Model
    Products and Services
    Significant Events
    Partner Banks and Financial Institutions
    Partner Banks and Financial Institutions in the US
    Supporting Merchants in the US
    Appendix

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