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Apple Pay makes money by taking a sliver of each transaction that runs through the device. Users can store their credit and debit cards on the wallet and use it to make contactless payments—beefed up with biometric security—through their phone’s near-field communication (NFC) tech. In the US, contactless payments are forecast to increase to $1.5 trillion in 2024, up from $178 billion this year, according to Juniper Research.