Competitor Profile: Apple Pay 2024

Competitor Profile: Apple Pay 2024 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. 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 more than 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 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 needing 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 March 2016, ExxonMobil partnered with Apple Pay to allow customers to pay their gas and car wash bills directly through their iPhone at 6,000 gas stations in the US. - In June 2020, Apple Pay enabled integration of Hong Kong (China SAR) contactless transit card Octopus, allowing users to add Octopus cards to Apple Pay and make contactless transport payments using their phone. - 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 January 2024, Apple Pay partnered with cryptocurrency exchange platform KuCoin, enabling its users to add the KuCard crypto debit card to Apple Pay and make payments via iPhone and Apple Watch. 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.