Shulou(Shulou.com)11/24 Report--

CTOnews.com, Sept. 7 (Xinhua)-- the annual transaction value of Apple's Apple Pay has exceeded that of MasterCard, totaling more than $6 trillion, meaning it is more than half of Visa's, according to a new study.

Since its launch in 2013, Apple Pay has been increasingly adopted by users, banks and retailers, accounting for 92 per cent of all mobile wallet debit transactions by 2021.

Now, according to the comparison website TradingPlatforms, Apple Pay is the second most popular digital payment system in the world, after Visa. CTOnews.com learned that the No. 1 Visa handles about $10 trillion worth of transactions a year, while Apple Pay has an annual transaction value of more than $6 trillion.

This means that Apple's Apple Pay as a whole-- including the Apple Card-- surpassed MasterCard, which handles transactions worth about $4.8 trillion a year for the first time. Apple Pay also beat Alipay, which reportedly handles transactions worth $6 trillion a year.

Google G Pay is said to be fifth, with an annual transaction value of about $2.5 trillion.

"Apple Pay is increasingly becoming the preferred payment method for consumers and businesses," said Edith Reads, a financial expert known as TradingPlatforms. "the fact that it now handles more transactions than MasterCard proves its popularity."

"Apple Pay's monopoly on iPhone NFC hardware has exclusive advantages and benefits," she continued. "We expect Apple Pay's popularity and market share to continue to grow in the coming years."

It is important to note that although the data are said to be from Statista and are "annual transactions", TradingPlatforms did not specify when. Therefore, it is not clear whether this is the data in the past 12 calendar months or in an unspecified fiscal year.

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