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Out with the old and in with the new

New research claims that Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it’s over halfway to equaling Visa.

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?

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