Apple Pay Users Are on the Rise
Apple Pay’s active users have surged
Apple Pay is Apple’s (AAPL) mobile payments service, which lets consumers use their iPhone to make purchases. Apple Pay can be used in retail stores and for purchases through apps and websites.
According to the latest research by Loup Ventures, there were 127 million active Apple Pay users globally at the end of 2017 compared to 62 million in the previous year. However, this still represents a small percentage of total active iPhones, according to the research firm. Loup Ventures projects that there are 795 million active iPhones globally.
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According to Loup Ventures, Apple Pay is activated on 5% of US iPhones compared to 11% of iPhones in other countries. During the earnings call after reporting fiscal 1Q18 (quarter ended December 2017) financial results, Apple said that the number of Apple Pay users had doubled YoY in fiscal 1Q18, while transactions had more than tripled. Apple doesn’t disclose these numbers. According to the report, 2,707 banks now support Apple Pay, 41% YoY growth.
Apple’s stock prices are trading flat for the year
Apple’s stock prices are trading flat for the year, as investors are worried about the slowing iPhone sales growth. In fiscal 1Q18, despite a 13% YoY revenue increase from iPhones, the smartphone’s unit sales fell 1% YoY.