Apple Pay’s transaction volume grew 500 per cent year on year in the last three months of 2016, the company reported in its latest financial update.
Speaking on its earnings update call, Apple CEO Tim Cook (pictured) said the smartphone giant’s payment system continued to gather momentum with an increase in users, transactions and launches in Japan, Russia, New Zealand and Spain during its fiscal Q1 (calendar Q4).
Although the company does not break-out figures for its pay service, Cook said the number of users tripled during 2016, with hundreds of millions of transactions made and billions spent on the platform in the three months to end-December alone.
“Apple Pay continued its strong momentum,” Cook said. Singling out the success of its internet payment facility, he added: “Apple Pay on the web is delivering our partners great results. Nearly 2 million small businesses are accepting invoice payments with Apply Pay through Intuit QuickBooks Online, FreshBooks, and other billing partners. And beginning this quarter, Comcast customers can pay their monthly bill in a single touch with Apple Pay.”
Apple Pay is now available in 13 markets around the world. According to the China Post, the company is preparing its next launch in Taiwan, although the date for the rollout is yet to be confirmed.