Apple Pay Dominates Mobile Payments Industry

Despite the entrance of strong competition, Apple data shows that Apple Pay is holding its own in the U.S. mobile payments market, according to Business Insider. In its Q2 2016 earning call, the company reported that in the U.S., three out of four contactless transactions are conducted via Apple Pay. Additionally, Apple Pay monthly active users were up more than 450% year-over-year, likely a result of Apple Pay’s international expansion, the source reports. Although mobile payments continue to grow, they still face barriers as consumers continue to use traditional payment methods. The report forecasts the growth in U.S. in-store mobile payments volume and users through 2020, though.