Apple Pay Responsible for Two of Every Three Contactless Payments on Visa, MasterCard, and American Express
Since its introduction in October, Apple Pay has accounted for two of every three dollars spent through contactless payments on Visa, Mastercard, and American Express, according to Apple CEO Tim Cook who shared the information during the company's earnings call for the first fiscal quarter of 2015.
"Apple Pay is off to a very strong start," said Cook, adding that he expects 2015 to be "the year of Apple Pay." About 750 banks and credit unions have signed on to accept Apple Pay, and according to numbers shared by Cook, Apple Pay was responsible for 80 percent of mobile payments at Panera Bread, and at Whole Foods, mobile payments increased by 400 percent.
Earlier information has also pointed to Apple Pay's success. Apple Pay had more than 1 million card activations during the first 72 hours Apple Pay was available, and in November, Apple Pay captured a total of 1 percent of all digital payment dollars.
Thus far, Apple Pay has proven to be most popular at Whole Foods, with the speciality grocery store responsible for 20 percent of all Apple Pay transactions and 28 percent of all Apple Pay spending. Walgreens and McDonald's were also popular with Apple Pay users.
Apple Pay is still in its infancy, limited to the United States. In the coming months, Apple plans to expand to several other locations across Europe, Canada, and Asia. In the United States, Apple Pay now supports cards representing 90 percent of U.S. credit card purchase volume.
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