Apple Pay was launched by Apple in September 2014, although the mobile payment service became operational on October 20 of the same year. This upcoming milestone marks the 10th anniversary of Apple Pay. Hundreds of millions of consumers currently use the platform across 78 markets. They make transactions on millions of websites, and apps, and in tens of millions of retail locations worldwide. Over 11,000 banks and network partners support the service.
Apple plans to boost Apple Pay usage by offering rewards redemption and installment loans at checkout. Users can access these features online or through iPhone and iPad apps. This keeps its experience seamless for consumers while allowing lenders to stay connected with their clients. It also makes rewards and installment options more accessible to a wider audience.
For instance, when making purchases online via Apple Pay or through applications on the iPhone and iPad. The users in the United States are presented with installment loan options from Affirm. While those in the United Kingdom can access options from Monzo Flex. As of yesterday, eligible users in both the U.S. and the U.K. can also take advantage of flexible payment alternatives during online and in-app checkouts using Apple Pay on their iPhones and iPads. According to Apple, beginning with iOS 18, U.S. users of Apple Pay will have the opportunity to earn rewards with qualifying Discover credit cards. When completing transactions online and in-app with AP on their devices.
Apple Pay ensures the protection of users’ personal and financial data. As the credit card number linked to it is never disclosed to merchants. The technology company is actively promoting the transition from physical wallets to the Apple Wallet app. Currently, iPhone users can incorporate various items such as event tickets, transit cards, government identification, and more into their digital wallets.
Feedback from Apple Pay Users
Apple reports receiving daily feedback from users. They appreciate the convenience, security, and privacy that the service offers in their everyday transactions. The feature is accessible on various devices, including the iPhone, iPad, Apple Watch, and Mac. A survey commissioned by Apple and conducted by Morning Consult revealed that 90% of participants value its user-friendliness. 88% appreciate the privacy it provides, and 87% cite its security as a key reason for their preference for this mobile payment solution.
It operates on a high-volume basis. The company receives only 0.15% of the transaction value for each payment processed through the service. For example, on a $100 transaction, the banks involved would remit 15 cents to Apple. It is estimated that Apple generated approximately $4 billion in revenue from Apple Pay in the calendar year 2023, accumulating 15 cents at a time.
