Apple AAPL is rumored to start offering its Apple Pay service in Chile. According to a shocking blog, Banco de Chile customers were able to add their credit cards to the Apple Pay digital wallet, starting September 15 in the evening. However, on Thursday noon, Banco de Chile had blocked the registration of credit cards in Apple Pay.
Rumors about the availability of Apple Pay in Chile have been circulating for some time. Two large Chilean banks, Banco Itau and BICE, are said to have been preparing to launch the service. In August, Banco Itau updated its mobile application to make it compatible with the Apple wallet.
Although Banco de Chile has blocked all registrations, it looks like Apple Pay will be available in Chile at any time now. Last month, the iPhone maker expanded to Brazil through its partnership with the country’s largest fintech, Nubank. Apple has also been rumored to enter Costa Rica. According to a 9TO5 report, BAC Credomatic has tested support for Apple Pay in the country.
Expansion in Brazil and planned launches in Chile and Costa Rica are expected to drive adoption of Apple Pay in South and Central America. Apple will benefit from its partnerships with banks like BAC Credomatic, as these relationships will help it grow rapidly in other countries in the region.
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These extensions will help Apple Pay gain market share amid fierce competition with other paid services provided by similar groups. Alphabetfrom GOOGL Google and Samsung, as well as banks offering contactless debit and credit cards.
Still, Apple Pay is expected to benefit from the growing demand for mobile payments. According to the latest report from ResearchAndMarkets.com, the size of the global mobile payments market is expected to reach $ 273.1 billion by 2028, with a CAGR of 31.8% between 2021 and 2028. The growing use of smartphones and the growing preference for contactless payments are key enablers.
Apple Pay is part of Apple’s Services business which has become a major contributor to revenue over the past two years as the iPhone continues to face significant competition. In the third quarter of fiscal 2021, Services revenue grew 33% year-over-year and represented 21.5% of total revenue.
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Apple currently has a Zacks Rank # 1 (strong buy). You can see the full list of today’s Zacks # 1 Rank stocks here.
Silicon motion technology SIMO and Avnet AVT are stocks that are similarly classified in the broader IT and tech sector.
Silicon Motion and Avnet’s long-term profit growth rate is set at 8% and 25.4%, respectively.
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