According to a recent report, Apple Pay dominated debit transactions in 2020, accounting for 92% of mobile wallet operations.
The 2021 annual debit issuer study by Pulse, a subsidiary of Discover Financial Services, shows that around two billion debit transactions were made with mobile wallets in 2020. In this regard, the study also mentions that the participants in this segment were Apple Pay, Samsung Pay, and Google Pay.
Additionally, this figure has increased by 51% year over year, with Apple Pay being the undisputed leader in the segment. Apple’s payment system accounts for 92% of mobile wallet transactions in the United States. The rest is divided between Samsung Pay and Google Pay, with 5% and 3% respectively.
The study also revealed that the average ticket size increased by 55%, from $15 in 2019 to $23 in 2020. The increase is aligned with the overall rise in debit payments, which grew from $40.50 in 2019 to $44.80 last year.
While consumers made fewer purchases, the amount per transaction increased due to changes in spending patterns imposed by the pandemic.
The adoption of this payment method has become widespread in the United States, and today almost 3 out of 4 retailers accept Apple Pay as a means of payment.
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Source: (Payment Media, n.d.-b)
