As Apple CEO Tim Cook announced record breaking profits, he understatedly reported that “Apple Pay has got off to a “strong start” since the contactless payment service launched last autumn”.
What Mr. Cook meant to say is that Apple Pay makes up more than $2 out of every $3
spent on all purchases using contactless payment across the three major US card networks after launching on October 20 last year.
In merchants that accept Apple Pay, the rate is even higher. Cook said: “[Food chain] Panera Bread tells us Apple Pay represents nearly 80% of their mobile payment transactions, and since the launch of Apple Pay, Whole Foods Market has seen mobile payments increase by more than 400%.”
Apple said that point-of-sale suppliers are seeing “unprecedented demand from merchants”.
It has rolled the service to more than 200,000 payment kiosks, parking meters, laundry machines and vending machines through a partnership with USA Technologies. “We are more confident than ever that 2015 will be the year of Apple Pay,” said Cook.