Apple Pay is nearing another milestone– it is on track to process 10 billion transactions by the end of 2019.
Getting a lift from transit systems that are embracing digital wallets and the increase of merchants using contactless payments, Apple Pay saw another quarter of record volume, the company chief executive, Tim Cook, announced recently.
Though it is unclear how much the transactions totaled when the second quarter ended in March, the transaction totals in January were 1.8 billion.
Where Apple Pay Is Available
Apple Pay is in 30 countries and is set to come to 10 more, including the Netherlands by the end of the year.
Many merchants have embraced Apple Pay, which is also driving its numbers. Ticket selling company, Ticketmaster recently announced that it will be accepting Apple Pay for online purchases and on its mobile app. Approximately 50 of Ticketmaster-served event and sports venues are rolling out contactless tickets this year, including most National Football League stadiums, as well.
In January, Apple announced that 74 of the top 100 merchant in the nation are accepting Apple Pay. Target, Jack in the Box, and Taco Bell are just some of the retailers that recently began accepting Apple’s mobile payment system. These top merchants join other national retailers that already support Apple Pay, including Costco, CVS Pharmacy, and 7-Eleven.
Services Boosting Apple’s Revenues
Apple Pay is partially making up for the weaker sales of Apple’s iPhone flagship. Services generated $11.5 billion in revenues during the second quarter, which are up 16% year-over-year and accounted for almost 20% of Apple’s $58 billion in total revenues. Revenues from its hardware, including iPhones, iPad tablets, and Mac computers saw a 9% dip to $46.6 billion.
What This News Means for Digital Wallets
Earlier this year, the venture capital firm, Loup Ventures LLC announced that Apple Pay adoption reached 43% of iPhone users.
Apple Pay’s numbers prove that customers like the convenience and security of digital wallets. As they become even more mainstream, expect many merchants and customers to follow.
Apple Pay is compatible with most credit cards and U.S. banks, and loyalty points, rewards and benefits from your cards continue to accrue when you use mobile wallet.
Users also like its great security feature of keeping receipts in your wallet app when you make a purchase using Apple Pay. Additionally, the transaction information is not stored anywhere, and every transaction made on your iPhone, iPad, or Mac requires authentication with Face ID, Touch ID, or your passcode.
Also, card numbers and identities aren’t shared with merchants when purchases are made at bricks-and-mortar businesses. Finally, if your Apple device is lost or stolen, you can suspend or permanently remove the ability to pay from that device.
Merchants Have Found Value in Mobile Payments
Though it is not moving at the pace of other countries, like China, customers are shifting toward a more cashless society. Merchants that want to compete with other major retailers are going to have to give merchants what they want. This will open them up to more sales and give customers’ another option.
Apply Online for Merchant Account Services
If you are a merchant that needs to process credit and debit card payments, then consider turning to eMerchantBroker.com (EMB). It works with all types of businesses, even those classified as high risk and those with no credit processing history.
Eligible merchants get approved for processing in as little as a few days. EMB offers a simple online application process.