“Apple Pay Reached 1M Cards Users In 72 Hours”, Said Apple CEO Tim Cook

Share This Post

This evening at a Wall Street Journal technology conference, Apple CEO Tim Cook said that in its first 72 hours, Apple Pay activated 1 million cards.

That figure indicates that Apple Pay is picking up traction outside of the technology, early-adopter set. Apple Pay competes with rival offerings from Google, among others, alongside traditional payment methods.

Paying for goods with your smartphone, still nascent in the Western market, could grow quickly: Given smartphone penetration in the United States and other developed nations where this sort of transaction system remains new, Apple has the potential to quickly scale its new product.

The possible revenue for Apple is not trivial. The company picks up 0.15 percent of transactions, or 15 cents per $100 dollars in payments. That isn’t much on a per-transaction basis, but it could quickly add up for the company worth more than $600 billion. If its smartphone userbase adopts its Pay technology, the product could bring in fresh top line for Apple, a company looking for a new hit.

Of course, 1 million cards is a fraction of the total number of saved credit cards that Apple has via its iTunes and long-standing app businesses, implying that it could enjoy continued quick growth. How large its payment volume will grow in the meatspace remains to be seen.

Stay Ahead: Join the EwtNet Insider Email Club!

Stay informed and up-to-date with EwtNet's email subscription. Join our exclusive community and receive curated news, updates, and insights tailored to your interests.

Related Posts

The Gold Apple Watch Could Cost As Much As $1,200

A jewelry contact familiar with the matter told TechCrunch...

AMD releases game-changing Mantle support in new Catalyst beta driver

AMD has released the latest beta driver of its...

Job Vacancy: Oracle Database Administrator for IBM

If you are a Bachelor's Degree holder in IT...

WeeShare! is now hubshr.com

Today (10/26/2014) WeeShare! re-branded, it's new name now "hubshr"...
- Advertisement -

Discover more from EwtNet

Subscribe now to keep reading and get access to the full archive.

Continue reading