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Home / Apple / Apple Pay transaction volume and new user growth exceeding PayPal, says Tim Cook

Apple Pay transaction volume and new user growth exceeding PayPal, says Tim Cook



Apple Pay was a noteworthy topic in the discussion of Apple's third-quarter revenue calls this afternoon, helping Apple reach a revenue record for services at all times. During the call, Tim Cook said that Apple Pay wins fast on PayPal, both in users and transactions.

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Apple said in its earnings statement that Apple Pay is now completing nearly 1 billion transactions per month. That's almost twice as many transactions as Apple reported in the previous quarter. During the June quarter, Apple rolled out Apple Pay to 17 new countries, "completed coverage in the EU." This brings the total number of Apple Pay markets to 47, according to Cook.

As for Apple Pay's growth, Cook said Apple Pay is now adding more new users than PayPal, and growing faster in terms of transaction volume:

Based on June quarter performance, Apple Pay is now adding more new users than PayPal and monthly transaction volume grows four times as fast.

The counter argument here, of course, is that Apple Pay has far more room than PayPal does. Nevertheless, it is remarkable to see Apple Pay continue to grow both in terms of users and transactions.

Cook also said that Apple Pay continues to grow among transportation systems around the world. The service is now supported by Portland's transportation system, and Cook reiterated that Apple is launching support in New York City. Furthermore, Chicago will use Apple Pay for transit later this year, Cook said.

In the United States, in addition to successful integration into Portland's transportation system in May, we will begin rolling out New York City transit, and will launch in Chicago later this year. In China, Apple Pay launched the debit card for Didi, the world's largest travel provider.

As I said before, transit integration is an important driver for wider digital wallet adoption, and we will keep up with this pressure to help users leave the wallet at home in more and more cases.

Also on the call, Cook confirmed that the Apple Card will begin its "roll out" next month.

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