Apple Pay is growing faster than the internet’s favourite payment service, PayPal
Apple’s CEO Tim Cook said that Apple Pay is growing faster than PayPal when it comes to adding new users and growing the number of transactions. (well, easy to say if you are not comparing "apples to apples" :) . PayPal is much bigger in payments so growth of course is slightly slower. It is easier to grow from lower level. But that is not the point - lets come back to the main topic...
Cook said that Apple Pay is now completing nearly one billion transactions per month, which is more than twice the volume of a year ago. - that is impressive!!!
Apple Pay has become a popular form of payment in recent years, especially in the US where it is accepted at around 65% of all retailers. It will soon be compatible with several public transit systems, including New York and Chicago.
In the past three months, it has launched in 17 new countries, which means it's reach now extends to 47 markets in total, including the entire European Union (where PayPal is in over 240 - just so you know).
Referring to PayPal comparison - Cook was likely referencing numbers reported earlier this month in PayPal’s second-quarter earnings. PayPal said that it added nine million new members during the second quarter. It also said that engagement per active account increased by 9% to 39 times a year. Cook didn’t disclose Apple’s equivalent numbers and a spokesperson did not respond to Business Insider’s request for further comment. But his remarks indicate that Apple Pay added at least nine million new users during the quarter.
However, it’s also a newer payment system and therefore has more room to grow than its more established rival PayPal.
Source with adjustments: Business Insider.