Apple Pay - Competitor Profile

Apple Pay - Competitor Profile

Summary

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 hover their mobile device near a contactless terminal and authenticate the transaction with Touch ID, Face ID, or 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 over 70% of all merchant locations. Apple Pay is supported by more than 5,100 banks and financial institutions, including major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo. The solution is available in 60 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 P2P payments, allowing users to make fund transfers among friends and family members using Apple Pay Cash.

Apple offers the Apple Card credit card in partnership with Goldman Sachs and Mastercard. The card is available in both virtual and physical forms and can be applied for through the wallet. It can be used for online and in-store payments.

The report provides information and insights into 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

- In October 2014, Apple Pay was launched in the US.
- In December 2017, Apple launched Apple Pay Cash for US customers.
- In March 2019, Apple Pay partnered with Worldline to enable its merchants to accept in-store payments using Apple Pay in Germany.
- In June 2020, Apple Pay started integrating Hong Kong's contactless transit card Octopus card, allowing users to add Octopus cards to Apple Pay and make contactless transport payments using their mobile phone in Hong Kong.

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.