Apple’s stock went up over 7% yesterday. Apple reported a $42.4 billion revenue. Anticipation for the upcoming iPhone 7 played a part. But there is another component to Apple’s stock success. This one might surprise you.
According to Apple CEO Tim Cook, Apple Pay is the real MVP. Cook said Apple Pay made up 75% if all paperless and card less transactions in the US. Cook stated he got that news from retailers. Apple Pay started in 2014. You transfer your debit/credit card information on their Apple smart device. The Apple Pay app is often called a ‘mobile wallet’. You can even do this on your iWatch. Now you can go anywhere that supports near-field communication (NFC) technology. Just tap your phone or watch to the retailer machine, or have your phone scanned by the clerk. That’s how you pay without cash, check or card. But this technology is only two years old. So not every store will accept Apple Pay…yet. In fact, only nine countries have Apple Pay access. Those nations are the US, UK, Canada, China, Hong Kong, France, Switzerland, Australia and Singapore. Cook says Apple Pay users and transactions have increased four and five fold from this time last year.
There’s a reason I titled this report …according to Apple. That’s because there are no hard numbers to support these claims. Sure, it’s possible. Sure, it’s likely. Apple Pay is on the rise. I see it offered everywhere, from grocers to coffee shops. Personally, I’m a little weary of it. What if hackers break in Apple Pay? Does anybody ever wonder about that? There’s another factor Cook didn’t mention. Apple Pay has competition. Google has Android Pay. Samsung has Samsung Pay. Apple has an advantage over them now. They’re only in two countries (US and UK). But you know that will soon change. Is Apple Pay winning…according to Apple?