Apple Pay Could Be an iPhone Secret Weapon. Payment Companies Are on Edge.

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Lost in the hoopla over new iPone models is Apple Pay, a digital wallet app that is raking in users. Payment companies are feeling the heat.

Apple annual iPhone upgrades, launched Tuesday, promise an array of hardware and software goodies in new models.

Apple Pay processed $600 billion to $700 billion in payments in 2022, estimates MoffettNathanson analyst Lisa Ellis. It’s also gaining market share in online “branded” checkout , she wrote in a note on Tuesday. None of this may move the needle on Apple’s revenue base, estimated at $389 billion this year, according to consensus forecasts. But it gives iPhone users another reason to stick with the device and upgrade to new models out of sheer convenience.

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Nigeria Nigeria Latest News, Nigeria Nigeria Headlines