FintechPayments

Apple Pay Marks 11 Years as Digital Wallet Competition Intensifies

Apple Pay’s in-store usage has more than doubled year-over-year while processing an estimated $450 billion in annual sales volume. However, analysts suggest competing digital wallets are rapidly gaining ground in the evolving contactless payments landscape.

Digital Payment Landscape Shifts as Apple Pay Reaches Milestone

As Apple Pay celebrates its 11th anniversary, the digital payment service demonstrates significant growth while facing increased competition from rival platforms, according to recent industry analysis. Weekly in-store usage has more than doubled year over year, with Apple Pay now moving an estimated $450 billion in annual sales volume, the report states.