Apple pursues global payments, pushing into Morocco

Apple Pay went live in Morocco last Tuesday, according to the trade publication 9to5Mac, making it the sixth country to get the payments app this year. 

In March, Apple Pay launched in South Korea, followed by Guatemala, El Salvador, Panama and Honduras in May. Morocco brings the total number of countries where the app has launched to 81. 

The payment app by Apple accounted for about 5% of global card transactions in 2020, according to a note by research firm Bernstein and reported by Quartz. The research note also said Apple was on pace to bring that number up to 10% by 2025.

Digital payments are just one part of Apple’s service offerings, which are an increasing part of its revenue, according to Bloomberg.The outlet noted that about a decade ago 8% of the company’s revenue came from services such as Apple Pay. For the three months ending April 1, that services line item percentage grew to 22% of total net sales.

And there is plenty of room for growth. Global digital payments accounted for roughly $1 trillion in global revenue in 2020, according to Quartz. And global cash usage continues to decline, according to a report by the processor Fidelity National Information Service. Cash accounted for 16% of all transactions in 2022, and is projected to drop to 10% by 2026, FIS said.

Apple did not respond to requests for comment on the launch of Apple Pay in Morocco.