Apple Pay is 'Growing at a Tremendous Rate' With 5X More Transaction Volume Than Last Year

[MacRumors]

During today's second quarter earnings call, Apple CEO Tim Cook spent some time talking about the success of Apple Pay, which he says is "growing at a tremendous rate." According to Cook, Apple Pay transaction volume is up 5X compared to a year ago and Apple Pay is gaining 1 million new users per week.

Across all of the countries where Apple Pay is available -- the U.S., UK, Canada, Australia, China, and Singapore -- Apple Pay is now available at more than 10 million contactless locations, including 2.5 million in the United States.

Despite its growth, Apple Pay does not provide a significant amount of revenue for Apple, but Apple CFO Luca Maestri says the company is interested to see how Apple Pay progresses in the future.

During the call, Cook said Apple Pay would expand to additional locations "soon," in line with rumors and evidence suggesting Apple Pay will soon be available in Spain, Hong Kong, Brazil, Japan, and France. For Spain and Hong Kong, Apple Pay will be introduced through a partnership with American Express in 2016, and a leaked MasterCard document points towards MasterCard support in Brazil, Hong Kong, Japan, and Singapore.

In addition to expanding Apple Pay's availability, Apple is also rumored to be working on several new features to increase its appeal, including the ability to make purchases from websites and the ability to make person to person payments as is possible with services like Square Cash and Venmo.

Article Link: Apple Pay is 'Growing at a Tremendous Rate' With 5X More Transaction Volume Than Last Year

 

[slayerz96]

The MasterCard document might hold some truth, since MasterCard support for Apple Pay is also coming soon for Singapore according to Apple's website.

 

[CPx]

Person-to-person would be great.

 

[peterc90]

In Australia we only have it on American Express cards which are not very popular compared to Visa or MasterCard. Bit frustrating when a major feature on new Apple devices is the Apple Pay and we still don't have access to it.

 

[allanfries]

I only started using apple pay this week. Very cool.
Canada only has Amex right now, but I hear Master Card is coming next.

 

[_mdavenport]

Ability to pay in websites would be a very welcome addition. Peer-to-peer would be interesting as well, especially if integrated with Siri...

"Hey Siri, send $10 to John for tacos." Then simply authenticate with Touch ID.

 

[mr.steevo]

Never used it.

It doesn't do person to person? I figured that would have been in there.

 

[alllexx]

I love  pay. I use it everywhere I can. I just wish more places like HEB took it.

 

[iMerik]

Ability to pay in websites would be a very welcome addition. Peer-to-peer would be interesting as well, especially if integrated with Siri...

"Hey Siri, send $10 to John for tacos." Then simply authenticate with Touch ID.

I'm thinking we'd need to be able to link checking accounts to Apple Pay for P2P to work.

And using Apple Pay on websites and pretty much everywhere would be quite welcome. Wouldn't that be neat if I was buying something on my computer with Apple Pay and as the transaction is going through, my phone prompts me to authorize it?

 

[neuropsychguy]

I sometimes go out of my way to use Apple Pay. It's been nearly flawless in all the times I've used it.

 

[Chupa Chupa]

Apple Pay on eBay would be huge & great way to bypass PayPal. Now that eBay has divested PP I wonder if that is doable.

 

[_mdavenport]

I'm thinking we'd need to be able to link checking accounts to Apple Pay for P2P to work.

And using Apple Pay on websites and pretty much everywhere would be quite welcome. Wouldn't that be neat if I was buying something on my computer with Apple Pay and as the transaction is going through, my phone prompts me to authorize it?

Yeah, I think you're right about checking account linking. Pay on the Mac, authenticated with iPhone, would be super neat. And it would be even neater(?) if Touch ID were built into the Mac

 

[xero9]

At this point I'm more excited about MasterCard's "selfie pay" for online purchases. I at least see Canadian cartels getting onboard with that.

 

[chrismail627]

The problem with Apple Pay is lack of places to use it. MST is the next big thing for Apple Pay. It works great on my S6 Edge, I can use it anywhere. I'd love to see Apple pick up this technology.

 

[knemonic]

Cause of Starbucks and subway, I've been using it there many times. I hate chip cards, they take forever, don't provide any extra security (cause we're not using the pin yet) and a lot of times they do t work well. I want Apple Pay everywhere I go.

 

[Sasparilla]

I use it whenever I can (besides being more secure) is significantly faster than going through the chip card dance. I can now make use of it in alot of my main stores (still waiting on a few) - which is a change since its launch here in the U.S..

 

[dave2010]

I find using my contactless Visa card is quicker than using Apple Pay. I also get 2% cash back and I can rely on it everywhere- the only place is use cash is one bakery I like that still has a $10 minimum purchase limit for cards

 

[Karma*Police]

Apple Pay is fantastic but Apple needs to get a lot more retailers on board a lot faster.

 

[nortofthe13th]

I sometimes go out of my way to use Apple Pay. It's been nearly flawless in all the times I've used it.

I have to confess. I do this quite often.

 

[ACE83]

I've found most places I go take  Pay even if it's not advertised. Even small businesses and food trucks that use square have updated their terminals to the new reader which accepts  Pay.

 

[slayerz96]

The problem with Apple Pay is lack of places to use it. MST is the next big thing for Apple Pay. It works great on my S6 Edge, I can use it anywhere. I'd love to see Apple pick up this technology.

Countries and retailers, however, should start to move away from MST and adopt more modern technology.

MST support is nice to have, but imo it's more of a transition tech than anything else.

 

[Urban Joe]

even if it takes a while Apple could be a veritable cash cow once this scales out. Though there will always be huge competition in this space as its the purveyance of the uber elite global bankers....
Interest and especially fees is one of the greatest wonders of the financial world. All those pennies really add up when its involving nearly every single financial transaction in the planet.

 

[JosephAW]

I live in rural Pennsylvania and when I use it at a business the staff say: "ooooh neat, I never saw that, cool"
I prefer and trust apple pay more than chip and swiping.
I'm ready for person to person cash transfer now.

 

[iThingsGurl]

And here we are, still waiting for Apple Pay in Canada.

 

[johngordon]

Only started using it recently, and absolutely love it.

I'm often out with my phone in my hand for music so it's incredibly convenient.

Be good if they could incorporate store loyalty cards into it though - if the point is to eliminate the need to get your wallet out, then it's a shame you still need to get it out for the loyalty cards.