Apple Pay Blocked Over USD1B in Fraud Last Year, VP Bailey Announces
Apple Pay Prevented Over USD1B in Fraud, Drove USD100B in Merchant Sales Last Year, VP Reveals
Apple Pay has prevented over USD1 billion in fraudulent credit and debit card transactions globally in the past year, while also generating more than USD100 billion in incremental sales for merchants. The new statistics were revealed by Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet, during a keynote address at the Money 20/20 USA conference.
During the presentation, Bailey outlined Apple’s vision for the Apple Wallet to ultimately replace the physical wallet, highlighting the platform’s significant progress in security, merchant value, and global adoption.
According to data presented by Apple, the security architecture of Apple Pay can reduce fraud levels by over 60% compared to traditional card transactions. In some cases, partners have reported fraud reductions as high as 85% or even 90%.
For businesses, the platform’s impact extends beyond security. Bailey noted that Apple Pay drove “well over $100 billion” in new sales for merchants worldwide in the last year, a figure attributed to higher authorisation rates and increased cardholder engagement.
The presentation also highlighted Apple Pay’s significant expansion in availability. Eleven years after its launch, when it was accepted by just 3% of retailers in the United States, Apple Pay is now available at 90% of US retail locations. Globally, the service is live in 89 markets and supported by more than 11,000 banks and networks.
Bailey reiterated that Apple’s ambition goes beyond just payments. The keynote description emphasised the goal of replacing the physical wallet entirely by incorporating travel and identity features. As evidence of this expanding ecosystem, Bailey noted that hundreds of millions of users have access to the Wallet, which now supports transit payments in over 250 regions and 800 cities worldwide, alongside digital boarding passes, hotel keys, car keys, and IDs.
