• 07.26.16

Tim Cook: Apple Pay’s growth is big, but user base is small

During Apple‘s third quarter earnings call, CEO Tim Cook shared the following tidbits on Apple Pay: 

• “Tens of millions of users” are using Apple Pay. 

• Apple Pay monthly active users up more than 450% year over year. 

• Three out of four contactless payments made in the U.S. are done with Apple Pay, according to Cook.  

• Apple Pay is accepted in three million locations in the U.S. and in nine markets around the world. 

“The growth is astronomical, but the base is very small,” Cook said on the call. “So Apple Pay is very much about [providing] a great feature for our customers so they can pay in a simple, private, and secure way.”RR