“When we started our journey with Apple Pay 10 years ago, we saw a unique opportunity to leverage Apple’s hardware and software to make a meaningful impact on the financial health and lives of our customers. From the outset, we envisioned a world where you could use your iPhone to seamlessly pay for everything — from groceries to train tickets, in person and online, across the globe — all while keeping your personal and financial information safe and private.”-Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet
Apple is looking to expand the use of Apple Pay by giving users the option to redeem rewards and access installment loans right at checkout via Apple Pay online, or on the iPhone and iPad in-app. Consumers get to pay using the Apple Pay experience they know and love; lenders get to stay connected with their customers allowing them to make reward programs and installment offerings more accessible to many.
The results of a survey commissioned by Apple about Apple Pay. | Image credit-Apple
With Apple Pay, user’s personal and financial information is protected and the number of the credit card used with Apple Pay is never shared with businesses. The tech giant continues its plan to get users to replace their physical wallets with the Apple Wallet app. Today, iPhone users can add certain event tickets, transit cards, government IDs, and more to their digital wallet.
Apple Pay is truly a volume business as Apple receives only .15% of the value of each transaction paid for using Apple Pay. That means that if Apple Pay is used on a $100 transaction, the banks involved pay Apple 15 cents. It is estimated that Apple generated up to $4 billion in revenue in calendar year 2023 from Apple Pay (15 cents at a time).