Jennifer Bailey, the Vice President of Apple Pay at Apple (NASDAQ:AAPL), participated in Money 20/20 USA this week, sharing some information regarding the tech firm’s Fintech venture. As reported by 9to5Mac, Bailey noted that Apple Pay reduces fraud by over 60%, better than most traditional payment methods. At times, fraud prevention spikes to 90%.
At the same time, Apple Pay is now accepted at 90% of retailers in the US, growing significantly in the past 10 years. Internationally, Apple Pay is accepted in 89 global markets.
A newer feature, Tap to Pay on iPhone, is now being used by approximately 50 million merchants in 48 different markets.
Bailey shared onstage that Apple’s goal is to replace everything in your physical wallet, going beyond cards, but IDs, passes, keys, etc.
In 2024, in celebration of 10 years of Apple Pay, the company said the top reasons consumers loved the service were due to ease of use (90%), privacy (88%), and security (87%), with 98% likely to recommend the service.
At one point, it appeared that Apple would pursue many in-house banking services but the company shifted gears and moved towards more of a partnership program like for credit and lending.
Apple is notoriously parsimonious when sharing data on Apple Pay and Apple Wallet. One recent report claimed that there are over 785 million users worldwide, making the tech firm one of the largest Fintechs around. The company does not break out revenue from its Fintech offerings, but Apple’s services generate higher margins than its popular hardware offerings.
Apple’s market cap recently touched $4 trillion, with many analysts predicting shares will move higher in the coming months.
