Apple Pay can be a convenient way to handle payments when on the go. That may be part of why analysts predict usage of Apple's mobile payment feature could double in five years.
By 2025, Apple Pay will account for 10% of global card transactions, according to research firm Bernstein as reported by Quartz on Tuesday. The mobile payment feature currently accounts for about 5% of credit card transactions, according to the report.
"There are indeed plenty of reasons to worry that Apple may attempt to disrupt the payments ecosystem," the research team in the data report said.
In January's earning call for Apple, CEO Tim Cook said Apple Pay transactions have more than doubled year-over-year and exceeded 15 billion transactions.
In September, Apple took a big step in becoming a financial powerhouse by releasing its own credit card. The Apple Card, which primarily lives on people's iPhones, offers perks for those who are all-in with Apple products and services.
Originally published Feb. 12, 9:12 a.m. PT.
Update, 9:51 a.m.: Adds more background details.
