Apple’s VP of Apple Pay and Apple Wallet, Jennifer Bailey, delivered a keynote at the Money20/20 USA conference this weekend. During her talk, Bailey touted the current state of Apple’s payment efforts, sharing new stats on Apple Pay’s fraud prevention, the growing versatility of Apple Wallet, and more.

Citing internal Apple data, Bailey revealed that Apple Pay has stopped more than $1 billion in fraud over the past year. How does that compare to traditional credit and debit card fraud prevention? According to Bailey, Apple Pay reduces fraud by over 60% compared to those traditional payment methods, and in some cases, that number spikes to as high as 90%.

In terms of Apple Pay acceptance, Bailey highlighted the widespread prevalence of the tap-to-pay solution, saying that it’s now supported at 90% of retailers in the United States. For comparison’s sake, Apple Pay was accepted at 3% of US retailers when it launched in 2014. Apple Pay is available in 89 markets around the world, across 11,000 banks and payment networks.

Nowadays, however, the Apple Wallet foundation extends well beyond Apple Pay. This includes things like transit cards, hotel keys, car keys, IDs, and more. These features have been slower to gain traction than Apple Pay, but their prevalence continues to expand.

• Transit features are available in 250 regions and 800 cities around the world.
• Over 2 million hotel room keys have been provisioned through Apple Wallet. There are more than 65,000 hotel rooms with support for Apple Wallet keys.
• Car key in Apple Wallet is available across 29 car manufacturers.

One of the most popular Apple Wallet features is support for storing your ID or driver’s license in the app. We’ve been chronicling the rollout of this feature since it first launched in 2021, and it recently hit its latest state with the addition of West Virginia last week. In total, the feature is supported in 12 states and Puerto Rico, as well as with Japan’s My Number Card.

During her keynote address, Bailey also reaffirmed that Apple will soon roll out Digital IDs in Wallet with support for US passports. This feature is currently expected to launch sometime before the end of the year. This will enable users to securely present an ID at select TSA checkpoints during domestic travel.

Finally, Bailey emphasized the continued expansion of Tap to Pay on iPhone, which lets businesses accept payments using just an iPhone. This feature is currently available in 48 markets and 15 million merchants.

Source: 9to5mac