“In the weeks since Apple’s earnings, a number of metrics have come to light that testify to Apple Pay’s impressive growth since its 2014 debut,” Andrew Tonner writes for The Motley Fool. “On its conference call, Apple reported that over 5 million points of payment currently support Apple Pay. Furthermore, a recent Bloomberg report claims that Apple Pay availability now exceeds 2 million total retail locations, up substantially from Apple’s reported internal goal of 1.5 million retail locations by the end of 2015.”
“What’s more, thanks to its increased exposure, Apple Pay has seen an acceleration in usage,” Tonner writes. “On its recent investor call, Apple said its mobile payments solution saw its growth rate accelerate over tenfold from the first half of 2015 to the second half.”
“nd with mobile payments expected to increase from $450 billion last year to $620 billion in 2016, the outlook for Apple’s mobile payment product remains favorable,” Tonner writes. “While its impact in isolation might not move the needle for Apple, investors shouldn’t underestimate the effect of increasingly key services such as Apple Pay as part of its broader ecosystem.”
Read more in the full article here.
MacDailyNews Take: Apple Pay is yet another reason why users iPhone users stay iPhone users.
SEE ALSO:
Apple Pay support reaches 1,000 U.S. banks and credit unions – February 5, 2016
Apple Pay locations reach 2 million, with Chick-Fil-A to come – February 4, 2016
Apple Pay coming to ATMs from Bank Of America and Wells Fargo – January 28, 2016
Apple Pay picks up 58 new US card issuers, approaches 1,000 total banks and credit unions – January 5, 2016
Pay Finders app for finding Apple Pay locations reports 750% increase in users in two days – December 28, 2015
Why Apple’s revolutionary Apple Pay is going to be absolutely enormous – December 18, 2015
Apple Pay to take on Tencent’s WeChat Wallet and Alipay in China – December 18, 2015
Apple partners with UnionPay to launch Apple Pay in China – December 17, 2015