Jennifer Bailey, the Vice President of Apple Pay at Apple (NASDAQ:AAPL), participated in Money 20/20 USA this week, sharing some information regarding the tech firm’s Fintech venture. As reported by 9to5Mac, Bailey noted that Apple Pay reduces fraud by over 60%, better than most traditional payment methods. At times, fraud prevention spikes to 90%.At the same time, Apple Pay is now accepted at 90% of retailers in the US, growing significantly in the past 10 years. Internationally, Apple Pay is accepted in 8 ...

Core Insights - The report provides a comprehensive profile of Apple Pay, detailing its business operations, products, services, and competitive positioning within the mobile payment industry [2][8] - Apple Pay has expanded significantly since its launch in October 2014, now available in over 80 countries and supported by more than 6,600 banks and financial institutions [3][4] Overview - Apple Pay is a mobile payment solution that allows users to store payment card details for future transactions [1] - The service supports various payment methods, including in-store, online, in-app payments, and cash withdrawals at ATMs [3] Benchmarking - Apple Pay is compared with key alternative payment solutions, highlighting its market position and performance metrics [2][8] Revenue Model - The revenue model of Apple Pay includes transaction fees from merchants and partnerships with financial institutions [2][8] Products and Services - Apple Pay offers features such as Apple Cash for P2P payments, Apple Card for credit transactions, and the Tap to Pay feature for merchants [4][5] - The service has undergone significant updates, including the introduction of a buy now pay later solution, which was later discontinued [5] Significant Events - Key milestones include partnerships with ExxonMobil in 2016, integration with Hong Kong's Octopus card in 2020, and the launch in Egypt in December 2024 [8] - Notable product enhancements include the ability to authenticate payments using Face ID while wearing a mask, introduced in January 2022 [8] Market Share - The report includes insights into Apple Pay's eCommerce and in-store payments market share by country, providing a detailed view of its competitive landscape [11]