Apple Pay Use Soars, Expected to Hit 10 Billion Payments in 2019

May 07, 2019

Apple Pay is nearing another milestone– it is on track to process 10 billion transactions by the end of 2019.

Getting a lift from transit systems that are embracing digital wallets and the increase of merchants using contactless payments, Apple Pay saw another quarter of record volume, the company chief executive, Tim Cook, announced recently.

Though it is unclear how much the transactions totaled when the second quarter ended in March, the transaction totals in January were 1.8 billion.

Where Apple Pay Is Available

Apple Pay is in 30 countries and is set to come to 10 more, including the Netherlands by the end of the year.

Many merchants have embraced Apple Pay, which is also driving its numbers. Ticket selling company, Ticketmaster recently announced that it will be accepting Apple Pay for online purchases and on its mobile app. Approximately 50 of Ticketmaster-served event and sports venues are rolling out contactless tickets this year, including most National Football League stadiums, as well.

In January, Apple announced that 74 of the top 100 merchant in the nation are accepting Apple Pay. Target, Jack in the Box, and Taco Bell are just some of the retailers that recently began accepting Apple’s mobile payment system. These top merchants join other national retailers that already support Apple Pay, including Costco, CVS Pharmacy, and 7-Eleven.

Services Boosting Apple’s Revenues

Apple Pay is partially making up for the weaker sales of Apple’s iPhone flagship. Services generated $11.5 billion in revenues during the second quarter, which are up 16% year-over-year and accounted for almost 20% of Apple’s $58 billion in total revenues. Revenues from its hardware, including iPhones, iPad tablets, and Mac computers saw a 9% dip to $46.6 billion.

What This News Means for Digital Wallets

Earlier this year, the venture capital firm, Loup Ventures LLC announced that Apple Pay adoption reached 43% of iPhone users.

Apple Pay’s numbers prove that customers like the convenience and security of digital wallets. As they become even more mainstream, expect many merchants and customers to follow.

Apple Pay is compatible with most credit cards and U.S. banks, and loyalty points, rewards and benefits from your cards continue to accrue when you use mobile wallet.

Users also like its great security feature of keeping receipts in your wallet app when you make a purchase using Apple Pay. Additionally, the transaction information is not stored anywhere, and every transaction made on your iPhone, iPad, or Mac requires authentication with Face ID, Touch ID, or your passcode.

Also, card numbers and identities aren’t shared with merchants when purchases are made at bricks-and-mortar businesses. Finally, if your Apple device is lost or stolen, you can suspend or permanently remove the ability to pay from that device.

Merchants Have Found Value in Mobile Payments

Though it is not moving at the pace of other countries, like China, customers are shifting toward a more cashless society. Merchants that want to compete with other major retailers are going to have to give merchants what they want. This will open them up to more sales and give customers’ another option.

Apply Online for Merchant Account Services

If you are a merchant that needs to process credit and debit card payments, then consider turning to (EMB). It works with all types of businesses, even those classified as high risk and those with no credit processing history.

Eligible merchants get approved for processing in as little as a few days. EMB offers a simple online application process.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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