Apple Pay now accounts for three out of four contactless payments in the US and the estimated number of monthly users is up by more than 450% year-on-year, Apple CEO Tim Cook has revealed. More than half of the mobile payment service’s transaction volume now comes from non-US markets.
“Tens of millions of users around the world are enjoying Apple Pay today at stores and in app, with estimated monthly active users up more than 450% year-on-year last month,” Cook told investors during the company’s third quarter earnings call.
“Leading financial partners tell us that three out of four contactless payments in the US are made with Apple Pay. This is amazing. There are more than 11 million contactless-ready locations in the countries where Apple Pay is available today, including 3 million locations now accepting Apple Pay in the US.”
“With the launch of France, Switzerland and Hong Kong this month, Apple Pay is now live in nine markets, including six of our top 10,” Cook continues. “Adoption outside the US has been explosive, with over half of transaction volume now coming from non-US markets.
“On the Apple Pay side, the revenues from Apple Pay are in the services line. The growth is astronomical, but the base is very small. And so for today, Apple Pay is very much about a great feature for our customers so that they can pay in a very simple, private and secure way.”