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Apple may be a leader in the mobile payments space—this year we expect there will be 43.9 million Apple Pay users in the US, making up 15.8% of the population. However, there's still a good number of iPhone users who haven't yet tapped into Apple Pay.
In an effort to build awareness around its product and further drive growth, the tech giant has launched and expanded several new Apple Pay features, including unique CVV codes for Apple Pay transactions for an added layer of fraud protection.
Apple has also partnered with companies such as cryptocurrency exchange Kraken to let Apple Pay users purchase crypto. Ultimately, these partnerships could give Apple Pay users more spending touchpoints, and boost the wallet's payment volume.
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While Apple's latest feature enhancements might push iOS users to adopt its payment offerings and help the company make gains in the payments space, Apple will have to continue building out offerings with convenient tools and improved security in order to close the gap between the number of Apple-branded payment users and iPhone owners.
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