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Apple Pay Gaining Popularity in Web Payments Space

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Nov. 17 2016, Updated 11:04 a.m. ET

Apple Pay ranked fifth in Web payments

According to analytics firm SimilarTech, Apple (AAPL) is ranked fifth in the Web payments industry. As shown below, Apple has a 0.25% share of the top 10,000 websites. While Apple leads Google (GOOG) (GOOGL) and Amazon (AMZN), it is still behind market leader PayPal (PYPL) in the Web payments space.

The report states that Apple Pay is supported on over 1,000 sites after it reached the Web in September 2015. Apple Pay’s rise in the mobile payments space has been significant since it was introduced in 2014,  compared to the time taken by other major players to establish themselves in the market.

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Apple Pay transactions rose 500% YoY in fiscal 4Q16

In fiscal 4Q16, revenue from Apple’s (AAPL) Services segment rose 24% YoY (year-over-year) to almost $6.3 billion from $5.1 billion in fiscal 4Q15. The Services segment is now the second-largest revenue producer for Apple. It consists of revenue from the iTunes, App Store, AppleCare, and Apple Pay businesses.

Apple’s Services revenue accounted for 14.1% of its total revenue in fiscal 3Q16, a rise from 10.1% in fiscal 3Q15. It accounted for 13.5% of total revenue in fiscal 4Q16. Apple Pay transactions rose almost 500% YoY in the quarter ended September 2016.

In fiscal 3Q16, Apple Pay saw a 400% YoY growth in monthly users. The total number of Apple Pay transactions was higher in September 2016 than in fiscal 2015.

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