Apple Pay and similar services overtake cash for in-store payment methods : Apple World Today

Apple Pay and similar services overtook cash as the preferred method for in-store payments in 2020, according to a new FIS study (a subscription is required to read the entire article). FIS is an American Fortune 500 company which offers a wide range of financial products and services.

According to the study:

° The use of cash usage dropped 10% last year to account for only one-fifth of all face-to-face payments worldwide. 

° In Canada, UK, France, Norway, Sweden, and Australia, use of cash for in-store payments fell by half or more.

° Cash payments in the U.S. made up $1 trilion of store payments last year, down from $1.4 trillion in 2019. 

° The Asia-Pacific region leads in the use of mobile wallets, with about 40% of in-store payments in the region being conducted through contactless payments. ° ° Mobile wallet usage now accounts for about 10% of in-store payments in North American, 8% in the Middle East and Africa, 7% in Europe, and 6% in Latin American.

FIS predicts that cash will make up less than 10% of in-store payments in the U.S. and just 13% globally by 2024.