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Apple Pay accounts for 5% of global card transactions, growing to rival PayPal
It's expected to be 10% within 5 years
Apple Pay, the company's mobile wallet, is gaining a notable chunk of payment transactions around the world. So much so, competition watchdogs are starting to pay attention.
As it stands, Apple Pay is responsible for around 5% of card transactions, globally. However, over the next five years this is expected to grow to 10%, Quartz reports. Eventually, Apple Pay could be competing with the likes of payment processing mainstay PayPal.
[Read: How to add Apple Pay to your Watch ahead of your next gym visit]
Analysts from research firm Bernstein say it's plausible Apple might attempt to shake up the payments industry, worth a staggering $1 trillion around the world.
The industry represents a huge opportunity for a company like Apple whose iPhone sales have been slowing recently.
According to Quartz, Apple's services division made over $12 billion in revenue in the last quarter of 2019. This was a 17% bump over the same period in 2018.
Apply Pay competes directly with
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