Apple Pay is expanding quickly
Apple Pay, Apple’s (AAPL) mobile payment technology, was officially launched in Germany. Apple Pay in Germany is supported by 13 banks including American Express and Deutsche Bank, according to Apple. The tech giant also announced that a number of retailers in Germany support Apple Pay including Adidas, Bershka, Aldi, McDonald’s, and Kaufland.
Apple Pay has finally arrived in Germany, four years after its debut in the United States. Apple Pay is now available in over 30 countries, as the iPhone maker hopes to expand further and make its payment technology ubiquitous. The company launched Apple Pay in Belgium and Kazakhstan just two weeks back.
Services made up over 16% of Apple’s September quarter
However, Apple is far behind PayPal (PYPL), the leader in digital payments, which is present in over 200 countries. That said, what bodes well for Apple is the sheer number of iPhone users who are likely to prefer Apple Pay to its competitors.
Apple hopes to offer its Apple Pay service, which is a part of the company’s Services unit. This unit is likely to be the company’s growth engine in the future, as its core business is stagnating.
Apple’s service unit grew 17% year-over-year in the fourth quarter of fiscal 2018 (quarter ended September 2018), reaching nearly $10 billion. The Services segment now makes up over 16% of Apple’s total revenue.