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Apple Pay 'outgrowing Google Pay and Samsung Pay in recent years' - Barclays

AuthorSam Boughedda
Published 06/07/2023, 01:22 PM
Updated 06/07/2023, 02:24 PM
© Reuters. Apple (AAPL) Pay 'outgrowing Google Pay and Samsung Pay in recent years' - Barclays
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Barclays told investors in a note Wednesday that the firm forecasts a 19% CAGR for Apple Inc (NASDAQ:AAPL) Pay revenue over the next 3 years.

The analysts, who have an Equal Weight rating and $149 price target on the tech giant's shares, said Apple Pay is currently a small revenue contributor, which they estimate is around 3%.

"We forecast 19% CAGR for Apple Pay revenue over the next 3 years, above industry carded payments growth due to share gains and wider adoption," the bank said in a research note.

"Apple Pay should benefit from the growth in carded payments and mobile wallets, offset by competition from growth in contactless cards," it added.

Barclays believes Apple Pay, with accelerating growth and share gains, is outgrowing Google Pay (NASDAQ:GOOGL) and Samsung Pay (KS:005930) in recent years.

"Ultimately, we think it's the goal for the consumer finance offers to remain in order to drive adoption of Apple Pay as newer offerings like Apple Pay Later and Savings Account have minimal impact to bottom-line financials," the analysts concluded.

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