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.
Sign up for our new free newsletter to get three time-saving tips each Friday — and get free copies of Paul Thurrott's Windows 11 and Windows 10 Field Guides (normally $9.99) as a special welcome gift!
"*" indicates required fields
[ad unit=’in_content_premium_block’]
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.
Stooks
<blockquote><em><a href="#485125">In reply to red.radar:</a></em></blockquote><p>Exactly and that is Yuge! Paypal is almost the common name used for any non standard (cash, check, credit card) payment method, like Kleenex is to tissue or coke is to any soda.</p><p><br></p><p>To surpass Paypal in such a short time speaks to the success of the product. Working in IT security and heavily with POS systems, Apple pay is currently the most secure payment method out there. Other token based payment systems are probably as good but I am not sure about their equivalent of Apple's "Secure Enclave" that is on the iPhone.</p>
Stooks
<blockquote><em><a href="#485174">In reply to Jeffsters:</a></em></blockquote><p>Actually you are wrong. Walmart HATES credit cards period. Because they are so big they pay huge amount of credit card fees every year. Over 250 million a year the last I read. </p><p><br></p><p>Walmart started its own credit card and its own mobile pay system to get around those fees. This is why they wont take Apple Pay.</p>
Stooks
<blockquote><em><a href="#485334">In reply to Andi:</a></em></blockquote><p>If Apple pay takes basically any credit card, including my bank/debit card, then why do I care if you can't use another payment system on a iPhone. I am not paying any extra to use Apple pay.</p>
Stooks
<blockquote><em><a href="#485335">In reply to Andi:</a></em></blockquote><p>Apple pay is out performing the much older and established PayPal…..end of story.</p>