New report from comparison site TradingPlatforms claims that Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion plus total meaning it’s over halfway to equaling Visa.
The report also indicates that AliPay from China’s Alibaba has also overtaken Mastercard and is in third place after Apple Pay with exactly $6 trillion value of transactions annually.
According to TradingPlatforms, Apple Pay is the second most popular digital payment system, beaten only by Visa, which ranks tops with approximately $10 trillion worth of transactions processed per year.
Mastercard, which used to command the second position behind only Visa globally, has now fallen behind Apple Pay, AliPay, processing approximately $4.8 trillion worth of transactions.
It is also important to note that Apple Pay used to behind AliPay, but the current report shows Alipay is now behind Apple Pay.
Meanwhile, Google’s G Play came in fifth with around $2.5 trillion worth of transactions.
Apple Pay
Financial Expert at TradingPlatforms, Edith Reads was quoted as saying “Apple Pay is increasingly becoming the go-to payment method for consumers and businesses alike,” adding that “The fact that it has now processed more transactions than Mastercard is a testament to its popularity.”
She stated further that “Apple Pay has an undue advantage and benefits from their monopoly on iPhone NFC hardware,” adding “We expect to see Apple Pay continue to grow in popularity and market share in the coming years.”
