At Money 20/20 USA event, Apple VP of Apple Pay and Apple Wallet Jennifer Bailey shared new statistics on the company’s payment platform: over US$1 billion worth of credit and debit card fraud across the world has been eliminated over the past year.
Apple Pay Highlights
According to Apple’s internal data and partner sources, Apple Pay can also reduce fraud rates by over 60% compared to traditional card transactions, with some cases showing reductions as high as 85% to 90%. Over the same period, the platform contributed more than US$100 billion in incremental merchant sales globally, driven by higher authorization rates and increased cardholder engagement.
Since its introduction in October 2014, Apple Pay is now available in 89 markets with support from over 11,000 banks and networks, in its home country United States, 90% of retailers now implemented Apple Pay as one of their payment channels; more than 250 regions and 800 cities globally also accepts this payment method for their tap-to-ride transit networks, on top of many in-app, online, and in-store purchases.
Besides Apple Pay, Apple Wallet has pushed beyond just replacing physical cash in these past few years, as services like boarding passes, transit cards, hotel access cards and car keys are now supported by this feature, meaning all you need is an Apple device (mostly, iPhones) to get through gates and checkpoints. Apple is expected to further expand this to include national IDs in the future, though this will depend on regulations on respective jurisdictions to work.
Pokdepinion: That being said, adoption will vary between regions – in the case of Malaysia, QR-based system currently reigns supreme.
