The news: Apple introduced a number of features and tie-ups to enhance its payments offerings and spur user growth.
Apple will let users add COVID-19 vaccine cards to the Apple Wallet.
The tech giant enabled a dynamic CVV feature for Apple Card users in iOS 15.
Apple also forged partnerships to expand Apple Pay acceptance.
The big takeaway: Apple’s latest feature enhancements might push iOS users to adopt its payment offerings and help it gain a stronger foothold in the wider payments space.
Despite Apple’s leadership position in the mobile payments space, the company still has a large addressable market to tap into—less than 40% of iPhone owners use Apple Pay, based on our forecasts. And the company has an estimated 6.4 million Apple Card users out of the 116.3 million iOS users that it’s expected to reach this year, per Insider Intelligence forecasts. Building out offerings with more convenient tools and improved security can help Apple close the gap between the number of Apple-branded payment users and iPhone owners.
Go deeper: For a closer look into Apple’s payments ambitions, including growth opportunities, areas where it can improve, and how it stacks up against competitors, check out the US Mobile Payments Forecast 2021 report.