Apple Pay – the tech giant’s mobile payment service – has surpassed Mastercard in terms of annual transactions, processing more than $6 trillion worth of transaction volume.
TradingPlatforms reports that only Visa now stands in the way of Apple Pay reaching the top spot globally.
Earlier this year, Apple launched its new ‘Tap to Pay’ feature, which leverages near-field contact (NFC) technology to allow merchants to accept Apple Pay, contactless card payments and digital wallet payments on an iPhone with no additional hardware needed.
In May, Apple faced ire from the European Commission after it notified the firm over its anti-competitive decision to limit mobile wallet app developers’ access to its contactless payments hardware and software.
The Commission said that by limiting access to the “standard technology” of near-field communication (NFC), Apple has restricted competition in the mobile wallets market on its mobile operating system iOS.
And in July, it was reported the California-based tech firm is being sued in the US over alleged anti-trust violations relating to its Apple Pay mobile wallet.
It’s Apple Pay’s ability to bring together multiple payment methods, its expanding global footprint and the explosion in contactless payments thanks to the Covid-19 pandemic that are driving its adoption, TradingPlatforms reports.