Home News Apple Pay transactions grew 450% in the last 12 months, Tim Cook...

Apple Pay transactions grew 450% in the last 12 months, Tim Cook reports

14

Apple Pay is experiencing “phenomenal traction”, with transaction volume up 450% over the last 12 months, Apple CEO Tim Cook has revealed. Monthly Apple Pay transactions have grown by nearly 300% in the last year across the UK, while in Japan more than half a million transit users are completing 20m Apple Pay transactions per month.

“Apple Pay is experiencing phenomenal traction,” Cook told investors during Apple’s second quarter 2017 results. “With the launch of Taiwan and Ireland in the March quarter, Apple Pay is now live in 15 markets with more than 20m contactless-ready locations, including more than 4.5m locations accepting Apple Pay in the US alone.

“We’re seeing strong growing usage as points of acceptance expand, with transaction volume up 450% over the last 12 months. In the UK, for example, points of acceptance have grown by 44% in the last year, while monthly Apple Pay transactions have grown by nearly 300%.”

“In Japan — where Apple Pay launched last October — more than half a million transit users are completing 20m Apple Pay transactions per month,” Cook added. “And we’re always excited to see our partners bring their customers new ways to use Apple Pay. You can now even send a Starbucks gift card via iMessage with just a touch.”

Key products

Apple Watch sales nearly doubled year over year, Cook also revealed, with the active installed base of iPhones growing by double digits over the same period.

“We have seen the watch as a really key product category for us since before we launched it,” Cook said. “We took our time to get it right and we’ve made it even better with the Series 2 offering and we’re really proud of the growth of the business.”

Apple is reportedly working towards launching a peer-to-peer (P2P) payment service later this year, as well as rolling out its own prepaid cards that would tie to the P2P service. Some 3.4bn smartphones are expected to be compatible with Apple Pay, Samsung Pay and Android Pay by the end of this year — with that number expected to increase to 5.3bn by 2021.