The mobile wallet market will exceed US$4tn by 2021, Infiniti Research predicts, up from close to $1tn in 2016. “Apple Pay has been growing steadily since launch, but its penetration is still quite low,” the research firm says. “In the app store, for example, it is used for only 1% to 1.5% of transactions. Physical stores see less than 0.8% usage of the payment method.”

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