The year of Apple Pay?


Tim Cook, CEO of Apple, has predicted that 2015 will be 'the year of Apple Pay'. The company will be looking to capitalise on the impressive sales they achieved with the release of the iPhone 6 in its first financial quarter. In the three months before the 27 December, Apple sold 74.5 million iPhones, bringing in a net profit of $18bn.

Apple Pay itself can boast some encouraging figures for its first few months of availability in the US. The mobile payment solution now accounts for two-thirds of all contactless transactions across Visa, American Express and Discover cards. In all 750 banks and credit unions are signed up to Apple Pay. Some of the retailers on board have yet to implement or convey to their customers their Apple Pay capabilities, but others have had some impressive success. Whole Foods, for example is reporting a 400 per cent rise in mobile payments since Apple Pay's launch. Tim Cook said:

"I'm actually unbelievably shocked, positively shocked at how many merchants were able to implement Apple Pay in the middle of their holiday season."

So plenty of positive signs for Apple Pay in the US,  but it will be interesting to see the payment solution's fortunes in both Asia and Europe. Asia perhaps is the most significant market for Apple, who has had increased success there with the release of the iPhone 6. In China sales are up 70 per cent for Apple over the same time last year. Apple will be hoping this gives the company a strong foothold in the battle for mobile payment dominance in Asia.

Related stories around the web

Apple takes lion's share of US contactless payments - Finextra

China Has Grown Into an ‘Incredible Market’ for Apple - Recode

Good Luck Making 2015 the ‘Year of Apple Pay,’ Tim Cook - Recode

Apple Pay is already crushing all competitors in the contactless payment space - The Verge