MENU

Comments Off on Apple Pay picks up 1 million new users a week; comes to ANZ customers Fintech news

Apple Pay picks up 1 million new users a week; comes to ANZ customers

By Finextra

Apple says that its mobile payments service is gaining a million users a week, but admits that this is still not resulting in any meaningful revenues.

Offering a limited glimpse at the Apple Pay stats during a second quarter earnings call, CEO Tim Cook said that transaction volumes are five times higher than a year ago.

Cook declined to put a figure on actual transactions volumes, probably with good reason, as CFO Luca Maestri confirmed during the same call that Apple isn’t seeing any meaningful revenue impact from Apple Pay yet, although it may in the future.

Launched in the States with huge hype in late 2014, Apple Pay saw impressive early adoption but within a year growth appeared to have stalled, research from Phoenix Marketing International found.

This has been offset to some degree over the last year by the service’s arrival in the UK, China, Singapore, Australia and Canada.

But in China Apple has been forced to charge banks half the fees levied on their US counterparts, while in Australia and Canada the feature has only been available to American Express cardholders as banks shun it in favour of their own offerings.

However, one Oz provider, ANZ, is changing its stance. After months of negotiations, the fourth largest bank in Australia is set to start letting its five million customers use Apple’s service.

ANZ Chief Executive Officer Shayne Elliott, CEO, ANZ, says: “I’m proud we’re the first major Australian bank to offer Apple Pay and we are confident the convenience, security and privacy will be well received by our customers.”

Meanwhile, Apple Pay is set to arrive on more countries – including Spain and Brazil – this year but it faces competition from fellow tech firms such as Google and Samsung, as well as banks and retailers.

First appeared at Finextra.com

Comments are closed.