Apple Pay May Represent 75% of Contactless Payments

August 2, 2016, Written By Lynn Oldshue
Apple Pay May Represent 75% of Contactless Payments

Retailers are reporting that Apple Pay now represents 75% of contactless payments made in the United States, according to Apple’s Chief Executive Officer, Tim Cook.

The mobile wallet recently expanded to France, Hong Kong, and Switzerland, in addition to the United States, United Kingdom, China, Singapore, Australia, and Canada.

Cook says there are 450% more Apple Pay users this year than last year, and “half the transaction value” from Apply Pay transactions are coming from markets outside of the United States. While the company has not said specifically how many users it currently has or how many transactions those users are making, Apple did confirm they are adding one million new users every week.

Competitors such as Samsung Pay and Android Pay may be hindering the wallet’s growth, but Apple Pay remains the only mobile wallet to work on Apple devices. As long as Apple can maintain its legion of loyal fans, Apple Pay will continue to have a shot at reigning over the market.

Earlier this year, Apple announced it will soon expand its mobile wallet to computers and mobile websites. On the company’s website, Apple says “With the release of macOS Sierra and iOS 10, Apple Pay is coming to Safari on your Mac, iPhone, and iPad.”

The information contained within this article was accurate as of August 2, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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