“Apple Pay Reached 1M Cards Users In 72 Hours”, Said Apple CEO Tim Cook

Share This Post

This evening at a Wall Street Journal technology conference, Apple CEO Tim Cook said that in its first 72 hours, Apple Pay activated 1 million cards.

That figure indicates that Apple Pay is picking up traction outside of the technology, early-adopter set. Apple Pay competes with rival offerings from Google, among others, alongside traditional payment methods.

Paying for goods with your smartphone, still nascent in the Western market, could grow quickly: Given smartphone penetration in the United States and other developed nations where this sort of transaction system remains new, Apple has the potential to quickly scale its new product.

The possible revenue for Apple is not trivial. The company picks up 0.15 percent of transactions, or 15 cents per $100 dollars in payments. That isn’t much on a per-transaction basis, but it could quickly add up for the company worth more than $600 billion. If its smartphone userbase adopts its Pay technology, the product could bring in fresh top line for Apple, a company looking for a new hit.

Of course, 1 million cards is a fraction of the total number of saved credit cards that Apple has via its iTunes and long-standing app businesses, implying that it could enjoy continued quick growth. How large its payment volume will grow in the meatspace remains to be seen.

Stay Ahead: Join the EwtNet Insider Email Club!

Stay informed and up-to-date with EwtNet's email subscription. Join our exclusive community and receive curated news, updates, and insights tailored to your interests.

Related Posts

Google Glass Explorer’s Edition Now Available in the Play Store

While all the focus of late has been on...

Hacked Screenshots Reveals how you can Send Money to a Friend Via Facebook Messenger

When Mark Zuckerberg recruited Ex-PayPal president David Marcus to...

Apple says it has taken action against the infected apps in China

Conventional wisdom suggests that the vast majority of mobile...

Panasonic Set a New Pace for Film Shooting with HC-MDH2

Remember when television was the exclusive preserve of  a...

Apple Releases iTunes 10.6.3 Update

The new iTunes update, released Monday, adds support for...

Job Vacancy: Project Director FMC Technologies, Ikoyi, Nigeria

FMC Technologies a leading global provider of technology solutions...
- Advertisement -

Discover more from EwtNet

Subscribe now to keep reading and get access to the full archive.

Continue reading