Apple's leading contactless payments market share will continue to grow in Apple Pay.

ByCynde Trombly 2020-02-13 2021

[gearbest News] with the rapid development of science and technology, more new payment methods are beginning to replace cash into daily life. Recently, research firm Juniper Research released the latest report on contactless payments, saying that the market will continue to grow in the future, and Apple's Apple Pay may take the top spot. It is estimated that the global transaction volume of, Apple Pay will reach US $686 billion by 2024, accounting for 52% of the market.

Apple Pay.

In addition, Susannah Hampton, the author of the report, also said that by 2024, the global contactless payment market will grow from US $2 trillion to US $6 trillion, most of which will come from contactless cards, of which OEM payment transactions will account for about 22%. OEM payments include payment systems from non-bank systems, such as Apple Pay,Google Pay and Samsung Pay. As a result, the market size of OEM payments could reach $1, 32 trillion and, Apple Pay's share is expected to reach more than half.

Apple Pay.

Susannah Hampton explained that although Google Pay and Samsung Pay have made good progress, Apple Pay has always had a stable and unified ecosystem, which will ensure its market leading position. As demand for payments grows, sales of Apple's corresponding devices will continue to rise.

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