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Do not look back, PayPal; Apple Pay wins on you



Apple's services business achieved record sales of $ 11.5 billion in the third fiscal quarter. This is Apple's second and most profitable device. And one of the companies in this segment is Apple Pay. This is Apple's mobile payment system and the company accepts 0.15% of the value of each transaction received on the platform. For example, if someone with a compatible device (iPhone 6 and up, iPad Air and above, Mac with Touch ID and all Apple Watches) uses the system to make a purchase of over $ 100, the company will be charged 15 cents. This may not sound like a lot of money, but multiply that by the number of transactions per month using Apple Pay, and you can see how lucrative this can be for Apple.
How many transactions per month affect Apple Pay? ? The technology titan said during today's earnings call that its payment platform is used for nearly 1
billion purchases per month. And that's almost double the monthly transactions Apple Pay took part in last year. According to CEO Tim Cook, "Apple Pay is now adding more new users than PayPal based on June performance, and the monthly transaction volume is growing four times faster." During the quarter, Apple Pay was introduced in 17 new countries and is now available throughout the European Union. According to Cook, the service can be found in 47 markets.

Apple is targeting $ 50 billion in service revenues in 2020.

Apple is also expanding the number of transit systems using Apple Pay. It has already added support for TriMet, Portland's transit system, and started introducing support for the massive New York public transit system. Later this year, Chicago residents will be able to use the system for commuting while commuting.

After delivering Apple iPhone 2015 with 231.22 million units worldwide, the manufacturer reached a peak and decided to focus on services next year. This was a good idea as much of the revenue in this segment is recurrent, for example subscriptions to Apple Music and Apple News + (and soon to Apple Arcade). Also in this category are AppleCare, iCloud, the App Store and more. The company has set a target of generating $ 50 billion in revenue by 2020, twice as much as in 2016. This portion of the Apple business will depend on the number of active iPhone units ($ 900 million at the beginning of this year) ). As a result, the growth of shipments is pleasing, but not nearly as important. Based on the Company's third-quarter report, the Services business currently has annual revenues of $ 46 billion. But $ 50 billion gross can be earned next year as Apple Pay and Apple Music continue to grow and Apple Arcade fuels the imagination of mobile gamers.

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