The new Apple Pay payment system is now available in more than 700,000 locations after just three months, according to CEO Tim Cook. The payment service was first introduced by Apple with over 500 financial-institution partners and 220,000 US merchant locations.
More ease for users
Apple Pay partners include many big names including the Federal Government. This means customers can make payments using their smartphones at national parks as well. USA Technologies, another partner, makes it possible for the consumers to use the technology at locations like parking meters, laundry machines and vending machines.
Cook said that vending machines are one of the most convenient places where Apple Pay is available. The payment service is supported by more than 40,000 Coca Cola vending machines, and the beverage maker has committed to 10,000 more vending machines supporting the application by the end of the year.
The firm is working with a greater number of banks than before, 2,500 presently, compared to just six in October last year.
Apple Pay a feature on Apple Watch
While discussing the company’s next big product at an event on Monday at San Francisco, Cook said the new contactless payment system will also be available on the Apple Watch. Apple Pay is touted as a key feature of the new Apple Watch, which will be released by the company next month. Apple Pay is already available on the iPhone 6 and 6 Plus.
Apple Watch and Apple Pay are part of a push from the firm to move beyond the iPhone, says a report from CNET. The iconic smartphone was launched by the company in 2007, and in the December quarter accounted for about 70% of sales. The new products and services from the company have great potential, and could reduce its its dependence on the iPhone, as well as help compensate for the slowing sales of iPad tablets.
The global market for mobile payments is expected to be worth close to $720 billion by 2017, which is a sharp increase from just $235 billion last year, according to the latest data from research firm Gartner.