Apple Pay

Apple Pay revenue hasn’t gotten much attention so far. The most valuable role Apple Pay plays for the Cupertino company is further lock-in to the ecosystem.

Once you’ve experienced the convenience of Apple Watch payments in particular, and know the security you get from the use of Apple Pay on any device, it’s not something you’ll want to give up. (Sure, there’s Google Pay and Samsung Pay too, but it still adds friction to switching platforms.)

But a news report yesterday prompted me to do some back-of-an-envelope calculations, and I reckon Apple’s mobile wallet service is rapidly headed toward becoming a multi-billion dollar revenue stream…

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Apple Pay continues to grow as support at retailers and inside applications expands. A new research note from Bernstein this week highlights that growth, and notes that Apple Pay is one of the biggest long-term competitive threats to PayPal.

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The availability of Apple Pay has slowly expanded throughout New York City as the MTA has rolled out its new OMNY tap-and-ride readers. In a new report today, the New York Post says that some users are being charged for MTA travel every time they walk by the OMNY readers.

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Apple Pay was slow to gain adoption among the big banks in Australia, but now the final of the “big four banks” has announced support for Apple’s platform. Westpac, the second largest bank in Australia, says that it will soon start rolling out Apple Pay support to customers.

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New York City’s Metropolitan Transportation Authority announced today that it is continuing the expansion of its OMNY tap-and-ride payment platform. OMNY supports contactless cards, as well as mobile payment platforms like Apple Pay, and it’s now available at Penn Station.

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As it does every year, Apple today has launched a collection of exclusive discounts from popular retailers. These discounts apply when you check out with apple Pay in apps or on the web. Read on for details on all of the promotions offered this year.

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Transport for London yesterday activated the Express Transit feature, designed to make it easier to use an Apple Watch or iPhone to pay for public transit journeys.

I got the chance to try it on a couple of short journeys across London last night, and it’s one of those tiny things which makes a worthwhile difference to the experience…

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If you are in London, you can now travel using Apple Pay on the Underground network without having to use Touch ID or Face ID authentication.

This means that you don’t need to hold up the queue at the turnstile when travelling the Underground. You can simply tap and go with either iPhone or Apple Watch.

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A new German law passed yesterday requires Apple to allow other mobile payments services access to the iPhone’s NFC chip for payments to allow them to fully compete with Apple Pay.

Apple initially completely locked down the NFC chip so that it could be used only by Apple Pay. It later allowed some third-party apps to use the chip but has always refused to do so for other mobile payment apps…

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Apple Pay has been growing at a brisk pace recently, and Tim Cook is making a point to emphasize that fact. During Apple’s Q4 2019 earnings call today, Cook touted that revenue and transactions for Apple Pay doubled year-over-year as the service continues to outpace PayPal.

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Apple Pay is facing scrutiny in the European Union, as a report earlier this month first detailed. Now, a new report from Reuters dives deeper into the antitrust concerns regulators in the EU have about Apple’s contactless payments platform.

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