Research firm Bernstein compiled and projected the trend data. Right now digital payments is a US$1 trillion business around the world. Credit card companies Visa and MasterCard process over US$14 trillion payments every year. And according to other research, contactless payments is said to increase to US$1.5 trillion in 2024.
PayPal currently leads the online payments market, but Bernstein said that Apple Pay represents a “long-term, competitive threat” to the service. Indeed, according to analysts last year, 43% of iPhone users around the world had activated Apple Pay. This translates to 383 million users and that number grows every year.