Since its launch in 2013, Apple Pay has seen rising adoption by users, banks, and retailers, until in 2021 it accounted for 92% of all mobile wallet debit transactions.
Now, according to comparison site Trading Platforms, Apple Pay is the second most popular digital payment system, beaten only by Visa.
The top-ranking Visa processes approximately $10 trillion worth of transactions per year, with Apple Pay on over $6 trillion.
This is how innovation overtakes traditional companies and their role in the transactional world. I wonder what will this means for the future of money transfer?
Will Apply or other IT company introduce a new technology which would make MasterCard and Visa obsolete?