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

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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.

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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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