Apple Pay Enjoys Explosive 450% Year-Over-Year Growth

Apple Pay Enjoys Explosive 450% Year-Over-Year Growth

During Tuesday’s fiscal Q3 2016 earnings conference call, Apple CEO Tim Cook shared some encouraging news about Apple Pay, the company’s contactless payments system.

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Cook said the service now has tens of millions of users around the globe, enjoying a 450% jump in active users from the same period in 2015. Cook also shared that Apple’s contactless payments solution accounts for 75% of all contactless payments made in the United States. Over 3 million merchant locations now accept the payments service.

Globally, Cook says more than half of the service’s transaction volume is now generated from outside the United States. The service is now live in 9 markets, including 6 of the top 10.

Tens of millions of users around the world are enjoying Apple Pay today in stores and in apps, with estimated monthly active users up more than 450% year-on-year last month.

Leading financial partners tell us that 3 out 4 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 United States.

With the launch of France, Switzerland, and Hong Kong this month, Apple Pay is live in 9 markets, including 6 of our top 10. Adoption outside the US has been explosive, with over half of transaction volume now coming from non-US markets.

Apple Pay is Apple’s contactless payment system, which allows users to store their credit or debit cards on their late model iPhone, iPad, or any Apple Watch and use the device to make payments for goods or services at participating merchants. Apple has announced it is bringing the payments service to the web this fall, alongside the release of macOS Sierra.

(Via iMore)

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