With the mobile payments business becoming highly lucrative, every other industry is trying to enter the market. The growing usage of smartphones and people opting for safer and easier payment methods is compelling more and more companies to join the league of mobile payments. Another addition to the list is none other than the tech giant Apple, which entered the market a few years back and is trying to win the hard-hitting war. But the war is not going to be easy at all. With PayPal, Square, Venmo and other options like Samsung Pay and Google Pay already in the business doing significantly well, Apple needs to up the game.
The mobile payments industry, which is already a $49 billion industry, according to eMarketer, is estimated to become a $3.4 trillion market by 2022. More and more people are letting go of the conventional payment methods like credit cards, checks, and cash, and are adopting the digital payment methods. But Apple is still nowhere in the picture, as far as the global market is concerned.
Apple is doing great in the U.S. but when compared to others like WeChat pay along with Alipay having nearly 1 billion users, and PayPal which has 210 million users, it is stuck with a user base of merely 87 million. But Apple is trying hard and is improving the compatibility with credit cards as well as the local financial establishments. It is also expanding its reach by entering new countries, as it did recently by entering Poland and Norway, but it still has a very long way to go.
Speaking of mobile payments, it seems that the technology can actually improve the healthcare in some countries including Africa. With more and more health experts adopting this technology, also for health insurances, it is getting easier for people to pay the bills, which is indeed a great sign for the industry.