Apple Pay was introduced by Apple in September 2014, but it wasn't until October 20 of that year that the mobile payment platform became available for real. 2024 marks the 10th anniversary of Apple Pay.
Today, Apple Pay is used by hundreds of millions of consumers in 78 markets, enabling consumers to pay for transactions on millions of websites, apps, and tens of millions of stores worldwide. The feature is supported by 11,000 banks and network partners.
According to a recent survey conducted by Morning Consult, 90% of respondents said they love Apple Pay because of its ease of use; 88% emphasized choosing this platform for privacy and 87% for security reasons.
Marking the 10-year milestone, Apple is looking to expand the use of Apple Pay by giving users the option to redeem rewards and access installment loans when making payments via Apple Pay online or in-app on iPhone and iPad. These services are already available in the US and UK.
“When we began our journey with Apple Pay 10 years ago, we saw a unique opportunity to leverage Apple hardware and software to make a meaningful impact on the financial health and lives of our customers,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
With Apple Pay, users' personal and financial information is protected. Credit card numbers used with Apple Pay are not shared with businesses. The tech giant continues its plan to help users replace their physical wallets with the Apple Wallet app.
Apple gets 0.15% of the value of every transaction paid with Apple Pay. In 2023, Apple generated up to $4 billion in revenue from Apple Pay.
