“….Apple Pay is poised to narrow the volume gap with rival platform PayPal in next few years, according to Morgan Stanley analysts.
“Apple Pay transactions are forecast to reach $190 billion in 2022, and $304 billion by 2027, the firm said in a memo issued on Wednesday. That ranks against PayPal figures of $431 billion and $579 billion, respectively, though excluding any offline wallet possibilities, which could theoretically add as much as $257 billion to PayPal’s volume by 2027.
“While PayPal has “the best consumer penetration by far,” Apple is “the clear leader among app/phone-based digital wallets…
“…We expect the new Apple Card… will help drive up Apple Pay awareness and usage…”
MacDailyNews Take: Apple Pay is one of the company’s least well-appreciated assets. Adoption in some markets may feel slow, but as it builds out its service with additional features (like Apple Card), success feels more inevitable than forgetting your PIN number when you are trying to settle your hotel bill. Also, don’t forget:
Apple changes the world yet again; soon every credit card work like Apple Card – May 24, 2019
Apple employees are beginning to get their Apple Cards – May 13, 2019
Why the Apple Card is the gleaming future of money – April 29, 2019
Analyst: Apple Card to be a ‘significant player in the U.S. card market’ – April 4, 2019