Worldpay comment: Apple Card

Motie Bring, General Manager – EMEA, Global Enterprise eCommerce for Worldpay, comments: “Apple has always been at the forefront of driving change in consumer behaviour, offering new services to cater to shifting tastes from how we consume music and content, to how we pay. While digital wallets may have been around for years, the introduction of the Apple Card brings a new evolution in their development .

Recent Worldpay research found that whilst over 60 percent of consumers believe that smartphones will replace physical wallets within the next five years*, barriers to adoption still lie in consumer perceptions around security and tangible benefits.  The additional features and functionality offered by Apple Card could address these concerns.

By seamlessly linking digital payments with rewards and loyalty, the tech giant is answering consumer demand for more universal and integrated ways to spend and save, with analytics and insights through optimised data to help with budgeting. While the use of biometrics should offer greater peace of mind when it comes to security. By keeping Apple Card and Pay on the phone, the company is ticking off what shoppers value most; ease of payments, security of details, and usability of digital wallets.

*Worldpay Consumer Behaviour and Payment Preferences Report, September 2018

Supporting stats:

• 36 percent of consumers globally use eWallets for eCom payments this number is expected to increase to 47 percent by 2022
• 21 percent of consumers in EMEA use eWallets as their primary eCom payment method
• By 2022, eWallets are estimated to account for 28 percent of global POS payment methods

Worldpay Global Payments Report, November 2018

• 63 percent of consumers believe that smartphones will replace physical wallets within the next five years (+ 11 percent increase since 2017)
• 37 percent of consumers remain unconvinced phones will replace cards. Reasons cited include:
• 62 percent security concerns
• 39 percent no tangible benefit
• 73 percent of consumers said they use their phone in store to check prices

Worldpay Consumer Behaviour and Payment Preferences Report, September 2018