NFC TIMES Exclusive Insight – Apple Tuesday reported that its digital payments service recorded more than 1.8 billion transactions globally in the tech giant’s fiscal first quarter ending in December, more than double compared with the same quarter a year earlier–though transaction growth is slowing and transactions still represent a small percentage of total card transactions.
It was only the second time that Apple has released any specific transaction figures for Apple Pay, following its fiscal third quarter ending last June. For that quarter, Apple reported that it had hit more than a billion Apple Pay quarterly transactions globally. It means that Apple Pay transactions increased by around 80% in the six months between the third quarter of last fiscal year and the first quarter of this fiscal year.
But while the “well over” 100% growth in transactions for the most recent quarter as compared with the same quarter last year represents a healthy growth rate, it shows Apple Pay’s growth is starting to slow as the more than four-year-old NFC payments service matures.