← Embedded Finance Index 2026

Apple Pay Google Pay

“Can platform-native mobile wallets (Apple Pay and Google Pay) become the primary distribution layer for third-party embedded financial products — cards, BNPL, banking, and beyond — without operating regulated balance sheets themselves?”

HQApple Pay: Cupertino, CA, USA; Google Pay: Mountain View, CA, USA
Total raisedN/A (subsidiaries of Apple Inc. and Alphabet Inc.)
IndustryFintech / Consumer banking
The story

Apple Pay launched in 2014 as a tokenized NFC wallet layered on top of existing card networks, monetizing via a basis-point fee from card issuers. Google Pay evolved from Google Wallet (2011) and Android Pay (2015) into a unified super-app attempt in India and the US. Apple briefly launched its own BNPL product (Apple Pay Later) in 2023 but withdrew in 2024, opting instead to partner with banks and lenders (via Jifiti) to embed third-party credit into Apple Pay. Both platforms have shifted focus toward being distribution rails for embedded finance products from third parties rather than operating full financial services stacks themselves.

Last 12 months
2024-06
2024-07
2026-02
2026-03
Product timeline
2014
Apple Pay launched in the US as a contactless NFC payment method for iPhone 6 and Apple Watch, tokenizing card credentials via partner networks.· banking
2015
Google launched Android Pay (predecessor to Google Pay) enabling NFC contactless payments on Android devices.· banking
2018
Google unified Google Wallet and Android Pay into a single 'Google Pay' brand globally.· pivot
2022
Apple Pay Later announced (buy-now-pay-later product by Apple); Google Pay expanded BNPL integrations with Affirm, Klarna, Afterpay, and Zip.· lending
2024
Apple discontinued Apple Pay Later and opened its BNPL/lending wallet to third-party banks and lenders via Jifiti's Tap Now Pay Later technology.· lending
Regulated entities
1
regulatory licence held by Apple Pay Google Pay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Apple Pay Google Pay’s embedded-finance stack
Payments / PSP
Apple Pay (self-operated — tokenized NFC/in-app wallet for Apple Inc.)Google Pay (self-operated — tokenized NFC/in-app wallet for Alphabet Inc.)
Lending
in the full report
Accounting gap: none
7 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.