“In addition to the App Store and Apple Music, Apple Pay is turning out to be another promising product for the [Services] segment. Transactions on Apple Pay were up 500% on a year-over-year basis in September 2016,” Puneet Sikka writes for Market Realist. “In fact, in September, Apple completed more Apple Pay transactions than in all of fiscal 2015.”

“Along with growing its transaction volume, Apple is also trying to increase the number of Apple Pay locations,” Sikka writes. “Apple recently launched its Apple Pay service in a number of markets such as Japan, Russia, and New Zealand.”

“Early this year, Apple also launched its Apple Pay service in China, which the company believes could be the biggest market for Apple Pay,” Sikka writes. “The research company eMarketer estimates that the US mobile payment market could triple in 2016, growing from ~$8.7 billion in 2015 to $27.1 billion in 2016.”

Read more in the full article here.

MacDailyNews Take: Two simple things could turbocharge Apple Pay usage: Better (or actual) signage at the point of sale and incentives for using Apple Pay. Imagine Apple Pay usage if Apple simply offered $1 to spend at the Apple Store for every hundred spent via Apple Pay.

SEE ALSO:
Apple Pay messaging at point-of-sale drives 135% increase in mobile payments usage – November 21, 2016
Apple Pay at two years: Not much to celebrate – yet – October 20, 2016
Apple Pay’s frequency of usage is putrid – August 3, 2016
Apple Pay and wannabes must offer perks to grow – December 14, 2015
Starbucks, KFC, and Chili’s to accept Apple Pay this year – October 8, 2015
Barclays to bring Apple Pay to the UK in early 2016 – October 7, 2015
Some Best Buy stores are now accepting Apple Pay – September 18, 2015
MCX CEO gone a day after Apple Pay lands Best Buy – April 28, 2015
Best Buy capitulates, to accept Apple Pay despite CurrentC allegiance – April 27, 2015
Major retailers see Apple Pay wave – November 17, 2014
In only 3 weeks, Apple Pay is changing how consumers pay – November 17, 2014
Boycott CVS and Rite Aid – October 27, 2014
Bad business: CVS and Rite Aid antagonize their most well-heeled customers by blocking Apple Pay – October 27, 2014
CVS stores reportedly disabling NFC to shut down Apple Pay – October 25, 2014
iPhone users earn significantly more than those who settle for Android phones – October 8, 2014
Yet more proof that Android is for poor people – June 27, 2014
More proof that Android is for poor people – May 13, 2014
Apple’s iOS dominates in richer countries, Android in poorer regions – March 25, 2014
Twitter heat map shows iPhone use by the affluent, Android by the poor – June 20, 2013