Competitor Profile: Apple Pay
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 simply need to hover their mobile device near a contactless terminal and authenticate the transaction with Touch ID, Face ID, or a PIN, depending on the Apple device used.
The solution is accepted at more than 20 million retail outlets globally and supports all major payment networks. In the US alone, it is accepted at more than 65% of all merchant locations and is supported by nearly 3,000 banks and financial institutions. These include major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo. The solution is available in 36 markets.
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 peer-to-peer (P2P) payments, allowing users to make fund transfers among friends and family members using Apple Pay Cash.
The report provides information and insights into Apple Pay including -
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