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

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.

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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.

Related Roundup: Apple Pay

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Top Rated Comments

neuropsychguy Avatar
108 months ago
I sometimes go out of my way to use Apple Pay. It's been nearly flawless in all the times I've used it.
Score: 13 Votes (Like | Disagree)
CPx Avatar
108 months ago
Person-to-person would be great.
Score: 10 Votes (Like | Disagree)
_mdavenport Avatar
108 months ago
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.
Score: 6 Votes (Like | Disagree)
Chupa Chupa Avatar
108 months ago
Apple Pay on eBay would be huge & great way to bypass PayPal. Now that eBay has divested PP I wonder if that is doable.
Score: 5 Votes (Like | Disagree)
username: Avatar
107 months ago
Something I was wondering though - how does it work with the watch? Do you just wave the watch at the terminal, or does it need the fingerprint too?

Just wondering how you do it one handed with the watch.
Just wave the watch, no finger print needed

Love Apple Pay in the UK. A fair amount of support for it here. I feel insulted when a store makes me get my wallet out, like "who do you think you are making me put all this effort in to give you money" lol
Score: 4 Votes (Like | Disagree)
nortofthe13th Avatar
108 months ago
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. :)
Score: 4 Votes (Like | Disagree)