Apple Pay Transaction Volume Growing 4x as Fast as PayPal, Tim Cook Says
Apple Pay has been growing at a brisk pace recently, and Tim Cook is making a point to emphasize that fact. During Apple’s Q4 2019 earnings call today, Cook touted that revenue and transactions for Apple Pay doubled year-over-year as the service continues to outpace PayPal.
During Apple’s Q3 2019 earnings call earlier this year, Cook pointed out that Apple Pay was growing faster than PayPal. This time around, Cook continued that comparison – but with some more data.
In total, Cook says that there were 3 billion Apple Pay transactions during Q4 2019. Apple Pay transactions and revenue both doubled year-over-year, Cook added.
What about PayPal? In comparison to PayPal, Cook says that Apple Pay exceeded PayPal transaction volume and is growing 4 times as fast.
All in all, Apple’s Q4 2019 represented an “all-time record revenues from payment services.” Here are Cook’s full remarks about Apple Pay: We had all-time record revenues from payment services. Apple Pay revenue and transactions more than doubled year-over-year, with over 3 billions transactions in the September quarter; exceeding PayPal’s number of transactions and growing 4x 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.
Apple also announced on the call that Apple Card will soon added a new 0% interest financing option for iPhone purchases. You can read our full coverage of Apple’s Q4 2019 earnings release here.
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