Using Apple Pay, the iPhone maker’s mobile payments platform, iOS users in Canada and the world over are completing nearly 1 billion transactions per month, according to Apple CEO Tim Cook.
Cook shared the tidbit of information during Apple’s Q3 earnings call on Tuesday afternoon.
In the three-month period ended June 30th, Apple rolled out Apple Pay to 17 additional countries. Including Canada, the mobile payments platform is available in 47 markets across the globe. Compared to the same quarter last year, Apple Pay usage has nearly doubled.
What’s more, Apple Pay is growing faster than PayPal, according to Cook.
“Based on June quarter performance, Apple Pay is now adding more users than PayPal and monthly transaction volume is growing four times as fast,” said Cook.
On the face of it, Cook’s comparison is interesting, though not particularly insightful and doesn’t say much beyond the fact that Apple Pay is growing quickly.
The nature of Apple Pay as a mobile payments platform makes it more conducive to individuals using it multiple times per day than PayPal. Moreover, PayPal is a mature platform that is available in more than 200 countries across the globe. The two platforms are in completely different parts of their respective growth cycles.