Payments, Apple Pay 'prevented over 1 billion scams in the last year'
Figures provided by Apple at the Money 20/20 event being held in Las Vegas. Tap to Pay replacing Pos is also running fast
by B.Sim.
At the Money 20/20 USA being held in Las Vegas, one of the world's most relevant conferences for innovation in digital payments, Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, outlined the cupertino company's strategy and achievements in digital financial services. In her speech, Bailey described the evolution of Apple's digital wallet and the progress made towards replacing the physical wallet with a more secure, private and universal tool.
According to data shared by the Californian company, the Apple Pay system has prevented more than $1 billion in fraudulent credit and debit card transactions globally over the past year. The company also claims that using its platform can reduce fraud levels by more than 60 per cent compared to traditional payments, and in some cases by up to 85-90 per cent. Apple also claims that merchants have benefited from more than $100 billion in additional sales due to higher authorisation rates and increased user loyalty.
Bailey went on to mention how Apple Wallet is now used by hundreds of millions of people around the world, not only for payments but also to access public transport, travel services and digital documents. Users can use the 'tap' function to travel to more than 250 regions and 800 global cities, a figure that confirms the wallet's progressive integration into daily routines.
Another key point of discussion was the expansion of Tap to Pay on the iPhone, the function that allows businesses to accept contactless payments without external terminals (i.e. without the classic Pos, but using the iPhone directly to receive payments). The technology is now available in 48 markets and involves more than 15 million merchants.
Bailey concluded by emphasising that Apple's mission remains to make the digital wallet safer and more useful for everyone, thanks to an ecosystem that continues to expand across payments, mobility and digital identity. The stated goal is to move ever closer to a world without a physical wallet, in which security and privacy remain at the core of the user experience.
