Monday , November 19, 2018

Apple Pay Tops 1 Billion Quarterly Transactions As CVS and 7-Eleven Prepare To Accept It

Apple Inc. said Apple Pay transactions surpassed 1 billion in the company’s third quarter, ended June 30.

During an earnings call with analysts Tuesday, Apple chief executive Tim Cook said the 1-billion mark was triple the amount a year ago. “To put that tremendous growth into perspective, this past quarter, we completed more total transactions than great companies like Square and more mobile transactions than PayPal,” Cook said, according to a transcript on SeekingAlpha.com. Though PayPal Holdings Inc. didn’t report the number of mobile transactions in its most recent quarterly results, the San Jose, Calif.-based company said its mobile volume was $54 billion.

An image from an Apple Pay Cash transaction. (Image credit: Apple Inc.)

In other Apple Pay news, Cook said retailers CVS Health and 7-Eleven Inc. will accept the mobile-payment service later this year. Both companies had been part of the now-defunct Merchant Customer Exchange LLC, a retailer consortium that sought its own mobile payment service, which it called CurrentC. CVS  eventually developed its own payment app following the cessation of a CurrentC test in 2016.

Cook also said that Apple Pay, with the iPhone and Apple Watch, can be used to pay for public-transit rides in 12 cities. Apple Pay Cash, the person-to-person payments variation, is “already serving millions of customers across the U.S. less than eight months following its launch,” Cook said.

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