11-Apr-2020 | Market Research Store
Coronavirus has created many problems be it in business terms or consumer terms. To maintain social distancing during this outbreak people are embracing online payments.
Apple Inc. had introduced a service named Apple Pay that stores the credit card information of the customer that further helps in paying the bills using your iPhone. The application was introduced to the market six years back but the results were not as expected as that was seen in China.
The pandemic hit now has compelled many of the consumers to move to online payments. Apple Wallet app has the credit card information and this can be used for making the payments. Google Pay and Samsung Pay works in a similar pattern for respective smartphones. But Apple Pay comes with the competing feature of digital checkout.
Credit-card companies are also developing their versions of going contactless or tap-to-pay methods for payments. Mastercard and Visa have stated that around one-third of the worldwide transactions are being made contactless.
Apple Pay had a very little ray of hope in the US market but things are a lot more different after the pandemic has struck. Assumptions are there will be a rise in the use of Apple Pay in the physical stores. If Apple Pay manages to leave its mark in the market PayPal Holdings Inc., another digital payment market competitor will have to suffer pain.
Market Research Store, has come up with the conclusion that Global Online Payments Services Market will witness a significant boom by 2026 owing to the increasing adoption of online payments.