Apple Pay Accounts for Three-Quarters of Contactless Payments in US, Tim Cook Says

Yesterday Apple reported stronger than expected quarterly earnings, impressing analysts and investors alike. Then CEO Tim Cook dropped a stat no one anticipated: Apple Pay now represents 75% of contactless payments made in the US, according to retailers.

Apple Generates $42 Billion in Revenue, Driven by 40 Million iPhone Sales

Cook also noted that half of all money moved via Pay is from non-US markets, suggesting there is reasonable traction in other markets such as Canada, the UK, and Australia.

Apple Pay was launched in 2014. The service turns iPhones into mobile wallets by storing payment card information securely and allowing consumers to tap point-of-sale registers equipped with near-field communication technology.

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