Competitor Profile: Apple Pay

Competitor Profile: Apple Pay

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 more than 65% of all merchant locations. Apple Pay is supported by more than 4,000 banks and financial institutions, including major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo. The solution is available in 58 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.

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

- Since it was launched in the US in October 2014, Apple Pay has expanded into 36 other markets.
- Apple Pay is accepted at 65% retail locations in the US, and is supported by over 3,700 banks globally including major brands such as Bank of America, Capital One, Chase, Citibank, and Wells Fargo.
- In March 2019, Apple partnered with Goldman Sachs to launch a virtual credit card: Apple card, which can be integrated with Apple Pay.
- In September 2019, Apple Pay partnered with Southwest Airlines, enabling users to make payments for flight tickets using Apple Pay.

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.