What you need to know
- Apple Pay is growing four times faster than PayPal.
- Tim Cook gave the news during Apple's earnings call yesterday.
- Apple Pay is live in 49 markets and has 6,000 issuers on the platform.
Yesterday Apple announced its earnings for Q4 of 2019, posting quarterly revenue of $64 billion. One of the highlights touched on was the growth of Apple Pay, which helped Apple achieve all time record revenues for its services.
During the call Tim Cook said:
I want to touch on a number of services in brief. We had all time record revenues from payment services for Apple Pay, revenue and transactions more than doubled year over year, with over three billion transactions in the September quarter exceeding PayPal's number of transactions and growing four times as fast. Apple Pay is now live in 49 markets around the world, with over 6,000 issuers on the platform. We believe that Apple Pay offers the best possible mobile payment experience and the safest, most secure solution on the market. We're glad that thousands of banks around the world participate.
Growth four times that of PayPal really is testament to just how popular Apple Pay is proving to be, and how well the rollout of the service is going. The news may be comforting for some given several recent reports that Apple Pay is being probed by EU regulators over possible anticompetitive practices.
Apple Pay's strong performance helped Apple post services revenue of $12.5 billion, an 18% increase on last year and over a billion dollars higher than the previous Apple record set in the June Quarter last year.