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Apple Pay now surpasses Mastercard

Apple Pay

According to reports, the total amount of money spent with Apple Pay has hit a new record high as more and more people make purchases with their cellphones. reports that mobile payments have surpassed Mastercard as the preferred method of payment over the past year.

Apple Pay is now the second-biggest provider of digital payments, according to a report. It is still far behind Visa, which processed $10 trillion in payments during the same period.

Successful Apple Pay’s Edith Reads said Apple Pay is getting popular with consumers and companies. Already, it has outdone Mastercard, with just Visa staying on top. Apple’s Pay has an excessive advantage and benefits from their monopoly on iPhone NFC hardware. We expect it to rise in popularity and market share in the coming years.

Apple’s Payment is now a vital element of the company’s work, available on the iPhone 14 and iPhone 14 Plus.

This includes Apple Pay Later, which lets shoppers make four equal payments over six weeks without interest or late fees.

Available as a payment option when a user checks out with Apple’s Pay or Wallet, the service gives consumers a clear view of what payments are expected and when. Apple said the tool “considers consumers’ financial health.”

Tap to Pay on iPhone allows small companies to accept payment from iPhone users in stores.

Apple has partnered with Square to incorporate the service into the latter’s POS terminals, making it more broadly available to start-ups worldwide.

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