Apple Registers 1 Million Credit Cards Through Apple Pay In 72 hours | TechTree.com

Apple Registers 1 Million Credit Cards Through Apple Pay In 72 hours

According to Visa and MasterCard, that already makes Apple the largest player in the contactless payment market

 

Apple recently debuted its wireless payment service - Apple Pay, and claims that it has registered over 1 million activations within the first 72 hours. In an interview with WSJ Live, company CEO Tim Cook said that according to Visa and Master Card, those numbers already make Apple No.1 in the contactless payment market.

Compared to sales of the iPhone 6 and 6 Plus, the number of early adopters of Apple Pay don't seem impressive, however analysts expect its growth will be explosive. Paying for goods with smartphones is still at a nascent stage in developed Western markets, meaning there's masses of room for Apple Pay to grow.

Moreover, the 1 million cards is only a fraction of all the saved credit cards Apple has via its iTunes and App Store businesses. Each and every one of the users of those older services is a potential registrant on Apple Pay, implying that the service could grow very quickly.

We can also expect Apple to aggressively push growth of its newest service, since the revenue generation opportunities are simply massive. Apple will earn 0.15% from every transaction in terms of value, and while that number might seem small per transaction, earnings could soar if millions of people start using the service.


TAGS: Apple, Apple Pay, Contactless Payment, TouchID

 
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