TradingPlatforms: Apple Pay processes approximately $6 trillion worth of transactions each year, second only to Visa

Apple Pay has surpassed Mastercard in annual transaction value, and its $6 trillion total means it is more than halfway to catching up with Visa in terms of transaction value, new research claims. Since its launch in 2013, Apple Pay has seen increasing adoption among users, banks and retailers until 2021, when it accounted for 92% of all mobile wallet debit transactions.

Now, according to comparison site TradingPlatforms, Apple Pay is the second most popular digital payment system, behind Visa, which processes about $10 trillion worth of transactions a year, and Apple Pay, which processes more than $6 trillion.

This means that for the first time, Apple Pay as a whole, including Apple Card, has surpassed Mastercard, which processed transactions worth about $4.8 trillion. Apple Pay also beat Alipay, which reportedly processed exactly $6 trillion in transactions.

Google's G Play ranked fifth with a transaction volume of approximately US$2.5 trillion.

“Apple Pay is increasingly becoming the payment method of choice for consumers and businesses alike,” said Edith Reads, financial expert at TradingPlatforms. “It now processes more transactions than Mastercard, a testament to its popularity.”

“Apple Pay has advantages that other competitors do not have, especially benefiting from their monopoly on iPhone NFC hardware,” she continued. “We expect Apple Pay’s popularity and market share to continue to grow in the coming years.”

The description of Apple beating Mastercard may be true, as the available data appears to be compared to the same period as the other three companies. However, while the data is said to be obtained through Statista and the calculation is "annual trading volume", TradingPlatforms does not specify the period. Therefore, it is unclear whether this is the past 12 calendar months, or an unspecified fiscal year.

From cnBeta.COM