Apple Pay dominated the mobile wallet space for debit transactions in 2020, a year of significant sector growth thanks to dramatic changes catalyzed by the COVID-19 pandemic.
Pulse, a subsidiary to Discover Financial Services, and an electronic funds transfer firm, reports that Apple’s payments service was responsible for 92% of all mobile wallet debit transactions in the U.S.A in 2013. It is used by more than 4,400 financial institutions in the country.
Oliver Wyman conducted Pulse’s 2021 Debit issuer Study. It was revealed that approximately two billion mobile wallet debit transactions were made using either Apple Pay, or Samsung Pay in 2020. This number has increased by 51% over the past year.
Pulse showed that Samsung Pay and Google Pay have a 5% and 3% transaction share respectively in mobile wallet debit transactions, respectively to Apple Pay’s 92% transaction share.
According to the study, the average ticket size increased 55% from $15 in 2019 to $23 in 2020.
Apple Pay’s 2020 success can be attributed to wide retail adoption. In the beginning, Apple Pay was only available through a handful of regional merchants. There were fewer standalone retail shops that offered tap-to-pay technology.
Apple Pay’s app assets are also paying off with 57% of mobile wallet transactions completed in a supporting app. Cardholder enrollment is increasing as contactless payments become more common.
Apple Pay was first launched in the United States in 2014. Apple Pay was launched in the United States in 2014.