What it is: Apple Pay continues growing with over 252 million users, mostly overseas.
According to Loop Ventures, Apple Pay adoption continues to accelerate exponentially overseas compared to the U.S. Out of the 252 million worldwide users of Apple Pay, 85% of users are outside the United States with only 15% in the United States.
The biggest advantage of Apple Pay is security. During most credit card transactions, the credit card number gets transferred to the merchant’s computers. Since most merchants lack adequate security, big merchants like Target, Walmart, or Home Depot, become instant targets for hackers. If a hacker can break into a single large retailer’s computers, the hacker can steal thousands of credit card numbers.
Apple Pay avoids this problem by never giving a credit card number out. In this way, Apple Pay is far more secure than using a traditional credit card. The big problem is that security is rarely a selling point. As a result, many people don’t use Apple Pay because they don’t see the advantages and they don’t want the hassle of setting it up.
That means Apple Pay adoption, while slow in America, is increasing rapidly in other parts of the world because credit card transactions are far more inherently insecure in many parts of the world. In comparison, credit card fraud is just as high in America but because banks easily remove fraudulent charges, it’s far easier for Americans to dismiss the idea of greater credit card security.
Apple Pay isn’t a must-have feature, but it’s an extremely convenient one once you get used to making payments through Apple Pay. As more merchants start accepting Apple Pay, more people will find it’s far more convenient to use it by simply holding an iPhone or Apple Watch to pay for your purchase. Rather than carry around a wallet full of credit cards that someone could steal, Apple Pay lets you pay for everything using your iPhone or Apple Watch that you’ll likely have with you anyway.
Apple Pay will gradually convince more people to stick with Apple products over time. That’s why rivals like Android Pay and Samsung Pay are trying to compete, but Samsung Pay is limited to Samsung products so Android users are far better off using Android Pay.
Whatever digital payment system people use, the long-term means that credit cards will increasingly become obsolete. Now thieves won’t be able to steal your credit card number or your credit cards if you don’t have to carry them around and give up your credit card numbers every time you make a purchase.
Apple Pay is the future of digital payments. If you haven’t started using Apple Pay, yet, get started. It will keep your credit card more secure and security is one feature that too many people only think about after they need it.