Apple Pay is growing faster than the internet's favourite payment service, PayPal

Apple Pay is growing at a faster rate than PayPal, according to Apple’s CEO Tim Cook.

In a call with investors on Tuesday, Cook discussed the progress of Apple Pay – Apple’s digital wallet that lets people make payments with their iPhone – during its most recent quarterly results.

Cook said that Apple Pay is now completing nearly one billion transactions per month, which is more than twice the volume of a year ago. In the past three months, it has launched in 17 new countries, which means its reach now extends to 47 markets in total, including the entire European Union.

Cook also commented on how Apple Pay stacks up compared to its competitors. He said that during the most recent quarter, it had outpaced PayPal in both the number of transactions per month and the number of new users added.

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Source: Apple Pay is growing faster than the internet’s favourite payment service, PayPal | Business Insider