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 via Touch ID, Face ID, or PIN depending on the Apple device used. The solution is accepted at millions of retail outlets globally and supports all major payment networks. In the US alone it is accepted at over 90% of all retailers. Apple Pay is supported by more than 6,600 banks and financial institutions, including major brands such as Bank of America, Capital One, Chase, Citibank, BBVA, Santander, and Wells Fargo. Initially launched in the US, Apple Pay is now available in 80 countries.

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 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. In April 2021, the company launched Apple Card Family, enabling two people in a family to co-own an Apple Card and share the credit limit. The service also allows parents to share their Apple Card with their children while implementing spending limits and controls.

In June 2022, Apple launched Tap to Pay on iPhone in the US. This feature allows merchants to accept Apple Pay and other contactless payment methods using their iPhone, without the need of an additional card reader or point-of-sale (POS) terminal. In March 2023, Apple Pay launched its buy now pay later solution called Apple Pay Later in the US. This service enables users to pay for purchases in four interest-free installments spread across six weeks.

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 Revenue Model
• The company's important events and milestones

Scope

• In October 2014, Apple Pay was launched in the US.
• In July 2018, Apple Pay partnered with eBay, enabling eBay users to make payments using Apple Pay at checkout.
• In April 2021, Apple Pay launched Apple Card Family, enabling two people in a family to co-own an Apple Card. The service also allows parents to share their Apple Card with their children, while offering spending limits and controls.
• In January 2022, Apple added a feature for iPhone 12 devices and later, enabling users to authenticate payments via Apple Pay using Face ID while wearing a mask. The feature is accessible to users with iOS 15.4 or later operating system.
• In March 2023, Apple Pay launched buy now pay later solution Apple Pay Later in the US, enabling users to pay for purchases in four interest-free installments spread across six weeks.

Reasons to Buy

• Gain insights into Apple Pay 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.