Apple Pay Has 67% of the Mobile Payments Market
Just a few short months after its launch, Apple Pay has grown to dominate the mobile payments market, helping Apple make even more money than ever before.
This week, Apple CEO Tim Cook announced that Apple Pay now accounts for two-thirds of the NFC mobile payments market.
“In just three months after launch, Apple Pay makes up more than $2 out of $3 spent on purchases using contactless payment across the three major U.S. card networks,” Cook said.
That’s only part of the story, though, since Apple Pay is also 80% of the mobile payment transactions for Panera Bread, and Apple Pay helped Whole Foods see mobile payments increase “by more than 400%.”
On top of that, 750 banks and credit unions are signed up to Apple Pay, and USA Technologies announced they will make Apple Pay available to 200,000 more sales points.
“We are more convinced than ever that 2015 will be the year of Apple Pay,” Cook boasted, adding that the upcoming Apple Watch will likely drive usage even further.
On top of big adoption of the service, Apple also sold over 74 million iPhones in the last three months of 2014. That’s over 34,000 iPhones per hour.