Over 253 million use Apple Pay globally
According to Apple (AAPL) analyst Gene Munster, the company’s mobile payments platform Apple Pay has ~253.0 million users. This indicates that 31.0% of iPhone customers use Apple Pay, which is currently available in 30 countries. Apple Pay users in the United States account for 15.0% of its user base, compared to the international user base of 85.0%.
Apple Pay is one of the key drivers of the company’s fast-growing Services revenues. In the fiscal third quarter, Apple’s Services revenues rose 31.0% YoY (year-over-year) to $9.5 billion. Analysts expect Apple Pay to account for 1.0%–2.0% of total Services revenues, which translates to quarterly revenues of $95.0 million–$190.0 million.
Apple Pay has experienced YoY revenue growth of 500.0% in the fiscal third quarter, 400.0% in the fiscal second quarter, and 300.0% in the fiscal first quarter. The number of users has almost doubled from 127.0 million in February.
Costco supports Apple Pay
Apple has secured similar deals with 7-Eleven and CVS. Apple also inked a deal with online retailer eBay (EBAY) earlier this year.