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Apple Pay gains – transactions ramp up 500 percent

Apple Pay purchases have increased a gargantuan 500 percent year-on-year in the company’s latest financial quarter, it’s been reported. Furthermore, there were more Apple Pay transactions in September than there were in the whole of 2015. The figure was revealed by Tim Cook in Apple’s Q4 earnings call this week.

Apple’s mobile payment system had a slow start – launching first in the USA, before gradually expanding to the likes of the UK, China, Canada, Australia, and more recently, Russia. However, it continues to grow, with a major boost this week thanks to its rollout in Japan. However, many banks in some territories were slow to support the service, and despite adoption in key areas, it’s still not available in the majority of the world’s countries, including major markets like Germany and Scandinavia.

Despite this fractured view of the service, its slow-baked approach seems to have embedded within the fabric of the territories in which it is available. The steady growth has kept Pay relevant and in the news. Particularly through Apple’s iPhone upgrade cycle. When initially launched, only the latest iPhone 6 and 6 Plus could use the technology. Now we’re a couple of refreshes around the block (including newer iPads, and the SE phone) and availability has naturally grown.

The growth will be good news to Apple who’s services are fast becoming a key income draw, but despite seeing off some early competitors, Samsung claims to also be running a successful mobile payments service. Android, on the other hand, perhaps less so. However, support for competing devices will likely only help Apple Pay as mobile payments become more ingrained in society, including for those individuals that aren’t using Apple products.

Apple Pay is easy to set up – simply add your card details to the Wallet app bundled within iOS. Read more about how to start using Apple Pay and its security in our quick and handy guide to setting up Apple Pay.