Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, has shared new milestones of the service at a recent keynote, spotlighting the company’s growing commitment to digital payment services.
Speaking during the Money 20/20 USA conference in Las Vegas, Bailey appeared on stage to speak on the growth and milestones of Apple Pay, alongside the company’s vision for Apple Wallet and the steps taken to reach its goals.
According to Apple’s internal data, alongside Apple Pay partner data and industry sources, the service has helped to eliminate over US$1 billion in fraud on credit and debit card transactions globally over the past year, with Apple claiming the service can help reduce fraud levels by 60 to 90 per cent compared to traditional credit and debit card transactions.
Bailey also spoke on the service’s various milestones, stating that it has generated over US$100 billion in incremental merchant sales by delivering higher authorisation rates and greater cardholder engagement. Apple Pay has also seen a steady level of growth since its launch in 2014, with the service now expanded to 89 markets globally and supported by more than 11,000 banks and networks, with the service seeing a massive 87% increase in retailer availability in the United States since launch.
Additionally, Bailey also touched on their vision for Apple Wallet, with the goals of replacing traditional physical wallets with a more secure and private digital alternative. To achieve this, Apple Wallet has provided hundreds of millions of users across the globe with access to Apple Pay for in-store, online, and in-app payments, according to Bailey. The service can now be used for transit too, allowing users to tap and ride across more than 250 regions and 800 cities globally.
Kevin is a reformed PC Master Race gamer with a penchant for franchise “duds” like Darksiders III and Dead Space 3. He has made it his life-long mission to play every single major game release – lest his wallet dies trying.
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