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Apple Pay the technology giant’s mobile payment service surpasses Mastercard in annual transaction volume, processing more than $6 trillion in transaction volume.
Apple Pay beats Mastercard on ATVs
trading platform Currently, only Visa reports preventing Apple Pay from reaching the top spot globally.
Earlier this year, Apple launched a new Tap to Pay feature. It leverages near-field contact (NFC) technology to enable merchants to accept Apple Pay, contactless card payments, and digital wallet payments on iPhones without the need for additional hardware.
In May, Apple faced ire from the European Commission after informing the company of its anti-competitive decision to restrict mobile wallet app developers’ access to contactless payment hardware and software.
The commission said that by restricting access to the “standard technology” of Near Field Communication (NFC), Apple is limiting competition in the mobile wallet market for its mobile operating system iOS.
And in July, it was reported that the California-based tech company was being sued in the United States for alleged antitrust violations related to the Apple Pay mobile wallet.
Apple Pay’s adoption is driven by its ability to integrate multiple payment methods, its growing global footprint, and the explosive growth of contactless payments due to the Covid-19 pandemic. trading platform report.
