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The offer, available to Apple Card holders, tops off an entire ecosystem of financial management tools for users which includes a digital wallet, Apple Pay Later, and Apple Cash, all accessible on an Apple iPhone. Apple has also built consumer trust through fraud detection methods like multifactor and biometric authentication鈥攁n important part of digital banking. Is Apple a threat?

Affirm users can even upload virtual cards into Apple Pay and Google Pay to pay in-store鈥攁 workaround for when Affirm is not accepted at checkout.

But they're continuing with Apple Pay Leader, a new buy now pay leader program that's built into Apple Pay as well as a new high yield savings account. That could really tap customers who are interested in financial services integration into their digital wallets.

The introduction of Apple Pay Later is likely to accelerate this trend, given Apple Pay鈥檚 widening adoption in physical retail. Insider Intelligence and eMarketer research is based on the idea that multiple sources and a variety of perspectives lead to better analysis.

The introduction of Apple Pay Later is likely to accelerate this trend, given Apple Pay鈥檚 widening adoption in physical retail.

It launched a white-label BNPL solution for mobile shoppers last month dubbed SplititExpress, which supports both Apple Pay and Google Pay. It's also expanded its installments as a service offering with partners like OCM, Ingenico, SAP, and Google.

Apple Pay leads that pack with 48.7 million. The generous rewards program was likely a top engagement driver that helped Starbucks cement its mobile wallet dominance. The devalued points could be a drag on growth: We expect Starbucks鈥� mobile wallet user growth will slow to 7.7% this year, down from 10.5% in 2022.

Apple could sell advertisers on its purchase data from Apple Pay. 鈥淎nyone who has access to first-party purchase data has to be thinking through how they can monetize and productize that data,鈥� said Marzano. Financial service companies must consider what services they have to offer, what鈥檚 unique about their data, and how they can show value to advertisers.

BNPL loans can be accessed at the point-of-sale (online or in-person), usually via a BNPL loan provider's branded app, via a merchant鈥檚 website or app, or via proximity mobile payment apps like Apple Pay and Google Pay. Examples include Affirm, Afterpay, Klarna, Zip, and PayPal鈥檚 BNPL service. Some short-term, no-interest loans can be accessed only at retailers. Examples include Bread Pay and SetPay.

It also does not yet connect to digital wallets like Apple Pay and its 48.7 million US users or Google Pay鈥檚 26.4 million US users. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Are you a client? Click here to subscribe.

The news: Synchrony may develop its own digital wallet鈥攖hough for now, it鈥檚 content with allowing its digital cards to be accessed via third-party wallets like Apple Pay, Google Pay, and Samsung Wallet, Synchrony chief growth officer Mike Bopp told Payments Dive. Bopp said that many customers still opt for Synchrony鈥檚 physical cards but the firm is seeing customers 鈥渟egueing to digital.鈥�.

The update should help consumers feel safer using the P2P app, which may help boost Apple Cash adoption

Online retailers need to respond to Gen Z鈥檚 love of Apple Pay. Mobile wallets are used most at in-person events. Smart carts, mobile checkout, and biometric data could solve retail鈥檚 in-store point-of-sale challenges.

They鈥檙e also quickly growing adoption of in-store digital payments like Apple Pay: While they currently trail millennials, by 2026 the gap will narrow (42.1 million Gen Z users versus 45.6 million millennial users) as Gen Z continues to build buying power. See our Payments Trends to Watch for 2023 report for further exploration of Gen Z鈥檚 payment habits.

The report theorizes that Millennials and Gen Zers can鈥檛 tell a checking account from a payment tool because they鈥檙e used to paying with merchant apps, Apple Pay, PayPal, Klarna, and Venmo.

Digital wallets such as PayPal, Apple Pay, Samsung Pay, and Google Pay have made paying by mobile easier and more secure. People are spending more time on their smartphones. In 2023, the average UK adult will spend over three hours a day on their smartphone, per our forecast. That鈥檚 up from 2 hours and 18 minutes (2:18) in 2019. To view the time spent with smartphones forecast, click here.

The bigger picture: Affirm, along with the rest of the BNPL industry, faces a multitude of challenges that has impeded growth鈥� cooler discretionary spend, regulatory scrutiny, and competitive threats like Apple Pay Later. To withstand these hurdles, many BNPL providers鈥攊ncluding Affirm鈥攁re restructuring. Affirm laid off 19% of its staff in Q3 and shut down its cryptocurrency business.

So I'm going to be boring, I'm afraid, and I'm going to go with Apple Pay. According to finder.com, it's already the most popular mobile payment service in the UK with around 69% of those who've used mobile payments in the previous year opting for Apple Pay. That's ahead of PayPal, which was at 31%, and Google Pay, which was at 27%.

But leading wallets like Apple Pay, PayPal, and Chinese super app Alipay are winning over consumers through education on how they work and the limited amount of data they use, as well as through incentives like loyalty bonuses and mobile ID initiatives. The demographics: Younger and higher-income Canadians are driving mobile wallet growth.

I also used Apple Pay and I think my payment info is, or my address is already stored in Apple Pay, so I didn't have to enter anything, just the two clicks. That was certainly easy and I think that helps to assuage a lot of the concerns that consumers have about social commerce and not wanting to share their payment information with these social platforms.

Half (51.3%) of UK adults use PayPal to pay online, while 24.0% use Apple Pay and 16.0% use buy now, pay later (BNPL) services, per our survey with Toluna. AI is speeding up service and product discovery鈥攂ut consumers remain cautious.

Global wallets like Apple Pay, Google Pay, and PayPal have a sizable presence in the region, but local players like JumiaPay, MTN Moto, and STC Pay are gaining prominence in their respective markets. Network International provides an opportunity for CVC Capital Partners and Francisco Partners to extract value from this growing market.

Mobile wallets could capture more contactless payment volume going forward as players like Apple Pay and Google Pay expand their features. The bottom line: UK payment habits are evolving as consumers embrace digital convenience and use less cash. This trend should be top-of-mind for payment providers trying to increase engagement and develop tools that appeal to customers.

Is it Apple Pay? Is it Venmo? Google Wallet? Which one is Paze going to steal this 2% from? David Morris:. I think it's going to be the device-agnostic wallets. Marcus Johnson:. Okay. David Morris:. PayPal, for instance.

Gen Zers are flocking to emerging payment methods, but card-based options, led by debit cards, remain supreme. Payment providers must align offerings with Gen Z鈥檚 preferences now as their spending power grows.