At this week’s Money20/20 USA conference in Las Vegas, Apple Vice President of Apple Pay and Apple Wallet Jennifer Bailey shared new milestones highlighting the company’s growing role in digital payments and commerce.
According to Apple’s internal and partner data, Apple Pay has helped eliminate more than $1 billion in fraud over the past year while reducing fraud rates by 60% to 90% compared to traditional card transactions. The platform also generated over $100 billion in incremental merchant sales globally through higher authorization rates and increased engagement.
Now active in 89 markets with 11,000 banks and networks, Apple Pay is accepted at 90% of U.S. retailers, up from just 3% at launch in 2014. Meanwhile, Tap to Pay on iPhone—allowing businesses to accept contactless payments directly on their devices—is live in 48 markets and used by more than 15 million merchants.
Bailey reiterated Apple’s long-term goal to replace the physical wallet, noting that Apple Wallet users can now access payments, transit, IDs, car keys, and travel passes securely in one place.
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