Ten Years of Apple Pay: From 3% to 90% The Future of Contactless Payments is Here

Ten Years of Apple Pay: From 3% to 90% The Future of Contactless Payments is HereOn the tenth anniversary of Apple Pay, Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, shared insights into the future of contactless payments and digital keys on iPhones. In an interview with ThePointsGuy, Bailey discussed the growth of Apple Pay, user feedback, and future plans for Apple Wallet

Ten Years of Apple Pay: From 3% to 90% The Future of Contactless Payments is Here

On the tenth anniversary of Apple Pay, Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, shared insights into the future of contactless payments and digital keys on iPhones. In an interview with ThePointsGuy, Bailey discussed the growth of Apple Pay, user feedback, and future plans for Apple Wallet.

Since its launch on October 20, 2014, Apple Pay has transitioned from struggling to gain traction to widespread adoption, becoming a leader in the mobile payments landscape. Bailey noted that initially, only around 3% of merchants accepted Apple Pay, but that number has now surpassed 90%, reflecting a significant shift in consumer and merchant acceptance of contactless payments.

Bailey expressed enthusiasm for Apple Pay's integration into transportation, calling it "amazing." Users are now able to use Apple Pay to pay for subways and buses in numerous locations, highlighting its practicality and convenience in daily life.

Beyond payments, Apple Wallet has diversified its functionalities, enabling users to not only make purchases but also store digital car keys, hotel room keys, and digital driver's licenses in certain states. Bailey revealed that Apple is exploring new use cases, particularly in car rentals, allowing users to reserve rentals and obtain digital keys within Apple Wallet. This streamlines the rental process, providing a more seamless experience.

Currently, only seven states in the US support digital driver's licenses within Apple Wallet, including Arizona, California, and others. Bailey stated that Apple is actively working to expand support to more states, aiming to eventually position Apple Wallet as a digital tool that eliminates the need for physical wallets.

While Apple has made significant technological strides, Bailey acknowledged that achieving this vision requires further work, including expanding digital ID coverage and collaborating with more merchants and institutions to enhance Apple Pay and Apple Wallet functionalities and use cases.

Bailey's statements underscore Apple's continued commitment to driving the development of contactless payments and digital identity authentication, delivering a more secure and convenient payment and verification experience for users. As technology advances and application scenarios broaden, Apple Pay and Apple Wallet are poised to play an even more pivotal role in our daily lives, becoming indispensable digital tools.