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Apple Pay Dominates the Mobile Payments Industry
Wednesday, August 3, 2016 6:50 AM

Apple’s latest news on mobile pay was an eye-opener. New Apple Pay data emerged from the company’s recent Q2 2016 earnings call, pointing to its dominance in the marketplace. In the U.S., three out of four contactless transactions are conducted via Apple Pay, and that number is on the rise.

According to an article in Business Insider, Apple Pay monthly active users (MAUs), which number in the “tens of millions” worldwide, were up more than 450 percent year-over-year in June 2016. That growth is partially a result of Apple Pay’s international expansion; the service is now live in 11 countries compared to two countries a year ago. But it also indicates sustained usage among its customers. 

The article points out that numerous strong competitors emerged last year, and many of those have much wider acceptance networks than Apple Pay. Still, Apple has maintained its strong share of the market. 

Apple Pay essentially lets you add your credit card to the app so you can tap and pay via NFC terminals at registers in retail stores or through supported apps. 

Apple is expected to launch the service on Macs this fall when Mac OS Sierra and iOS 10 are released, and it will also come to the web as a PayPal competitor.

For more details, read Business Insider