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Apple Pay Is Quickly Expanding

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Apr. 13 2017, Updated 9:05 a.m. ET

Western Union supports Apple Pay

Western Union (WU) recently announced that Apple Pay (AAPL) users would be able to use its platform for money transfers. All Apple Pay transactions originating in the United States (SPY) will be supported by Western Union and verified through Touch ID. 

Apple Pay is quickly gaining traction among retailers, restaurants, stores, and banks.

Since the beginning of 2017, several banks have supported Apple Pay’s mobile payment service. Apple Pay now has over 1,800 card issuers in the United States.

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Earlier this year, Apple Pay’s vice president, Jennifer Bailey, said that over 35% of retailers in more than 4 million locations supported Apple Pay in the United States. This number is expected to reach 67% by the end of 2017 as retailers including The Gap (GPS) start to accept the payment service.

Apple Pay’s launch in Taiwan

Late last month, Apple Pay launched in Taiwan. It’s supported by seven banks in the country. Taiwan is the 15th country in which Apple Pay has been launched.

Driven by global expansion, Apple Pay transactions have risen 500% year-over-year in fiscals 4Q16 and 1Q17. According to a research report from analytics company SimilarTech, Apple is ranked fifth in the web payments industry.

While Apple leads Google (GOOG) (GOOGL) and Amazon (AMZN), it still lags behind market leader PayPal (PYPL) in the web payments space.

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