With security, convenience, monitoring options and other benefits of mobile wallet systems, people are slowly adopting to swiping their smart devices for purchases, eliminating the need for cash, credit, or debit cards and relying more on apps and other software for financial transactions. Mobile payment service Apple Pay was introduced by Apple Inc. on September 9, 2014 at the launch of the iPhone 6. With over 383 million users worldwide, Apple Pay is one of the most prominent mobile payment providers worldwide with a global iPhone user base reach of 43 percent as of December 2018.
In 2022, research estimates that near-field-communications or other contactless technology payments will be accessed by almost a third of U.S. smartphone users, up from 25.3 percent in 2018. At the end of the first half of 2018 there was a total of 440 million contactless payment users worldwide, and by the end of 2020 this number is forecasted to reach to a new total of 760 million users.
Despite mobile payments having gained a foothold among consumers, privacy and safety concerns increase resistance to carrying out transactions using mobile devices. As consumers are wary of permitting tech companies to use their data to learn more about their buying habits, cash and credit cards still predominate in certain regions. As of May 2019, 65 percent of smartphone owners in the United States were still reluctant to try out mobile wallets due to security reasons. Not knowing where mobile wallets were accepted was another common barrier to adoption.
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In the following 4 chapters, you will quickly find the 22 most important statistics relating to "Apple Pay".