Apple’s fiscal 2017 first quarter earnings exceeded expectations as the company posted record revenue of $78.4 billion. The iPhone remains Apple’s cash cow as the company shipped 78.3 million iPhones in the previous quarter compared to 74.8 million in the same quarter a year ago. The iPhone isn’t the only thing that saw an increase in Q1 FY17, Apple CEO Tim Cook later revealed in the earnings call that Apple Pay transactions jumped 500 percent during this period.
CEO Tim Cook revealed during the earnings call that Apple Pay users have tripled over the past year and that the mobile payments service saw its transactions grow 500 percent year-over-year in Q1 FY2017.
Apple has worked hard over the past year to expand the service to additional markets as a result of which Apple Pay is now accepted in Australia, Canada, France, Germany, Japan, China, New Zealand, Russia, Poland, Spain, Switzerland, Singapore, and Taiwan.
More than two million small businesses are now accepting invoice payments through Apple Pay on the Web. The company also revealed that Comcast, one of the biggest providers of internet and TV services in the United States, is going to allow customers to pay bills using Apple Pay on the Web.
We can expect Apple Pay to make its way to additional markets across the globe throughout 2017.
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