Apple is betting it pretty big that Apple Pay will become one of the standards of mobile payments in the future. The company has been a tad slow in rolling out its services to countries around the world, but not that it matters because according to the company’s latest financials, Apple Pay transactions are up 500% year-over-year.
According to the numbers, the number of transactions made by Apple Pay was up 500% in the fourth quarter, at least compared to the same quarter last year. This is a huge increase, although we’re guessing it has to do with Apple starting to partner up with a number of banks and financial institutions, as well as the number of retailers and websites that are starting to accept the service.
That being said, Apple Pay is not without its problems. The service was recently launched in Japan but unfortunately was off to a rocky start as users were complaining that they weren’t able to access to service. Not only that, but over in countries like Australia, the local banks don’t seem too keen on partnering with Apple, claiming that the Cupertino company was being too restrictive with their demands.
There are still plenty of other markets that Apple Pay has yet to expand to, but given the monumental task of trying to negotiate with local banks, credit card companies, and retailers, we guess it is understandable.
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