Apple Pay is Closing in On PayPal

| By:


Apple PayAccording to Apple’s quarterly earnings that were released on Tuesday, Apple Pay transactions tripled from last year at the same time to more than 1 billion transactions. CEO Tim Cook said during Apple’s recent earnings call that this is more than Square did in the last quarter and exceeded the number of mobile transactions via PayPal. PayPal, the industry leader, reported 2.3 billion transactions over the last quarter. This still puts them well ahead of Apple Pay, by 1.3 billion; but not as far ahead as last year, when PayPal led by almost 1.8 billion.

Apple also reported today that it hit a $1 trillion market cap. The success of Apple Pay is further confirmation that giant technology companies are also becoming fintech companies. Google has the Google Pay service and Facebook’s WhatsApp is rolling out a payment feature. To keep up with fintechs, last year, a group of the largest American banks (including Bank of America, Wells Fargo and Capital One) launched Zelle, a peer to peer payment service. So far, Zelle has proven to be a good idea.

According to eMarketer, a research firm, Zelle is expected to surpass Venmo this year in terms of users. With these expectations, Zelle will grow by more than 73% in the US, to 27.4 million users by the end of the year, outpacing Venmo (owned by PayPal), which should have 22.9 million users and Square Cash, which should have 9.5 million.

 

Last modified: August 2, 2018
Todd Stone



Category: payments

Home payments › Apple Pay is Closing in On PayPal


    BizFund

    Flash Advance

    Smart Business Funding

    Accord Business Funding

    Green Note Capital

    Unique Funding Solutions

    Merchant Financing Leads

    ROK Financial

    Fox Business Funding

    Bitty Advance

    Big Think Capital

    Amerifi Capital

    Cloudsquare

    AMA Recovery

    Main Street Finance Group

    Splash Advance

    Forward Financing

    ByzFunder

    VitalCap

    BCCUSA

    Fenix Capital Funding

    Hunter Caroline

    Pearl Capital

    IOU Financial

    CapFront

    Cashyew

    National Funding