Apple announced that its payment service Apple Pay has outpaced its biggest rival PayPal. CEO Tim Cook informed investors during the company’s Q4 2019 earnings call that Apple Pay is growing four times faster than PayPal and has exceeded the latter’s transaction volume during the recently-concluded quarter. Cook touted that revenue and transactions for Apple Pay have doubled compared with a year ago, with the payment service recording over 3 billion transactions during the fourth quarter ended September 2019. “We had all-time record revenues from payment services. Apple Pay revenue and transactions more than doubled year-over-year, with over 3 billion transactions in the September quarter; exceeding PayPal’s number of transactions and growing 4x as fast,” said Cook.
Apple Pay is now live in 49 markets around the world, with over 6,000 issuers on the platform, Apple informed during the earnings call. “We believe that Apple Pay offers the best possible mobile payment experience and the safest, most secure solution on the market. We’re glad that thousands of banks around the world participate,” added Cook. Apple also announced that the Apple Card will add a new zero percent interest financing option for iPhone purchases later this year.
Apple on Wednesday reported its fiscal fourth-quarter 2019 earnings, which saw the company earn a record $64 billion in revenue, up 2 percent year-on-year. But iPhone sales continued to decline compared to last year, bringing in $33.36 billion in revenue, down 9.2 percent. Apple also revealed that it has set new Q4 earnings record in India and several other markets, including the US, Brazil, and various South-East Asian countries.