Apple Pay Apparently Growing 4x As Fast As PayPal

Posted on November 1, 2019 by Mehedi Hassan in Apple with 20 Comments

Apple’s latest earnings report was kind of disappointing, with the company reporting a decline in profit for the last fiscal quarter. Apple did, however, report some interesting new stats during the earnings call.

9to5Mac reports that Tim Cook revealed some new growth stats for Apple Pay during the earnings call. Cook had previously shared details on Apple Pay’s growth during another earnings call from earlier this year, where he compared Apple Pay’s growth with PayPal. And he’s continuing to do the same with the latest earnings call.

Cook revealed that Apple Pay had seen a 2x growth in revenue and transactions year-over-year, which is pretty impressive. With Apple Pay being live in 49 markets around the world, it brought in over 3 billion transactions during the fourth quarter of 2019.

But more importantly, Cook reported that Apple Pay is growing 4x as fast as PayPal, exceeding PayPal’s total number of transactions. It’s no secret Apple Pay is wildly popular, but you have to remember that Apple Pay and PayPal operate in different ways, with Apple Pay being way more accessible than PayPal. So at the end of the day, the 4x growth rate, when compared to PayPal, isn’t all that impressive.

Either way, with Apple continuing to push ahead in the financial services market, Apple Pay and its other services like Apple Card will likely grow faster than ever before. The company is even working on offering new deals for Apple Card users and plans to let them buy new iPhones with a 0% interest with the Apple Card.

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