Apple Pay is a sleeper hit

“In the roughly four years since Apple launched its mobile payments service, Apple Pay, the company has managed to convince just about every major bank and retailer to let customers use their bank accounts to pay for things quickly through iPhones and Apple Watches,” Mike Murphy writes for Quartz. “Apple announced that it has also signed up Taco Bell and Target… meaning that 74 of the top 100 US retailers by revenue now accept Apple’s digital payment. The company added pharmacy chain CVS, along with 7-Eleven, late last year. They joined other major US retailers that include Best Buy, Starbucks, McDonald’s, Walgreens, Costco, and Kohl’s. (Some of the biggest holdouts: Walmart and Home Depot.)”
“While there’s no way of knowing exactly how popular Apple Pay is with consumers—the company doesn’t break out user numbers or revenue it receives from those transactions—the ever-increasing number of retailers using the service suggests it’s growing in popularity,” Murphy writes. “Apple Pay is also taking off outside the US, where regions like Europe and Japan have more widespread adoptions of contactless payments.”
“During Apple’s last earnings call, CEO Tim Cook said the company set a revenue record for Apple Pay in the last quarter, adding: ‘Apple Pay is… by far, the #1 mobile contactless payment service worldwide. Transaction volume tripled year-over-year, and to put that into perspective, Apple Pay generated significantly more transactions than even PayPal mobile with over 4x the growth rate,'” Murphy writes. “In PayPal’s most recent earnings release, the company stated that 40% of its 2.5 billion payment transactions for the quarter were done over mobile, which means that Apple is seeing over 1 billion Apple Pay transactions each quarter, and that number is growing rapidly.”
Read more in the full article here.
MacDailyNews Take: It’s been seemingly taking forever, but the tortoise wins the race!
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