Though Apple has only been in the digital payments sphere for less than a decade, the consumer tech giant has already made its presence felt. Apple Pay has continued to occupy a larger and larger share of the world’s digital wallets, though it has been difficult to gauge exactly how big that share really is, as the company is notoriously tight-lipped about its sales figures.
In response to the mystery of Apple’s slice of the pie, Dutch consultancy firm Flagship Advisory Partners ran the numbers. The results are impressive: according to a report released in January, Apple is estimated to currently control $800 billion in annual digital payments, and is on track to expand to $3.2 trillion by 2030.
“Some have described this Apple Pay penetration as disappointing,” wrote the report’s authors, “but we see this as a huge success given the many roadblocks to achieve such results across many countries and payment use cases. Apple Pay is just under half the size of PayPal by volume of flows, present in the market for 8 years (vs. 24 years for PayPal).”