Apple Pay supports larger transactions in the UK
Apple Pay (AAPL) is expected to see an uptick in payments made in the United Kingdom. Previously, contactless payments had an upper limit of 30 British pounds. Now, over 50% of payment terminals in the UK (EWU) accept Apple Pay transactions of any price.
Apple Pay’s vice president, Jennifer Bailey, recently stated, “We think the majority of the contactless terminals [in the UK] are now limitless. Retailers now accepting the higher-value payments include supermarkets such as Waitrose and Sainsbury’s and restaurants including Pizza Express and Nando’s.”
Apple Pay transactions have increased 300% YoY (year-over-year) in the UK, and 23 banks support this service. In fiscal 2Q17, Apple Pay transactions rose 450% YoY globally. This service is available in 20 million locations globally and at over 4.5 million locations in the United States.
Apple Pay is now available in 15 countries including the United States, the UK, Australia, Russia, China, Singapore, Japan, Switzerland, Canada, Hong Kong, and France. However, Apple’s quarterly results didn’t disclose its revenues, the value of the transactions, or the number of people using Apple Pay.
Samsung Pay launches in the UK
In May 2017, Samsung Pay (SSNLF) was launched in the United Kingdom. Samsung Pay’s debut came almost two years after the launch of Apple Pay and a year after Android Pay (GOOG) (GOOGL) debuted in the country.
As seen in the chart above, Apple, Samsung, and Google are looking to penetrate the high-growth mobile payments market. The mobile payments market is expected to reach ~$1.1 billion by the end of 2019, a considerable increase from $450 million in 2015.