Apple Pay surpassed 1 billion transactions in Q3, outperforming Square and PayPal.
Apple Pay is extending to CVS and 7-Eleven stores nationwide later this year, announced CEO Tim Cook on a conference call with investors on Tuesday. The announcement accompanied the release of Apple's incredible third quarter earnings results.
Along with the addition of CVS and 7-Eleven, Cook said Apple Pay surpassed the total transaction numbers—over 1 billion—of competing payment system Square, and processed more mobile transactions than PayPal last quarter.
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Since its 2014 launch, Apple Pay has exploded in popularity, especially in the past couple years. The platform easily dominates the world of OEM Pay wallets, which is huge, considering contactless payments are predicted to account for one in three in-store transactions by 2020.
With the help of Apple Pay, Apple's total revenue for Q3 2018 came to $53.3 billion, a 17% increase from Q3 last year. Additionally, quarterly earnings per diluted share were $2.34, up 40% from last year.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said Cook in a press release. "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."
During the conference call, Cook stated Apple is on track to reach its goal of doubling its fiscal 2012 Services revenue by 2020, an impressive feat. International sales are also vital for Apple's financial success, with these sales accounting for 60% of the Q3 revenue.
For its fiscal 2018 Q4, Apple is projecting total revenue to be between $60 billion and $62 billion, along with gross margin between 38% and 38.5%, according to the release.
The big takeaways for tech leaders:
- Apple Pay is expanding to CVS and 7-Eleven globally later this year, continuing its dominance in OEM Pay wallets.
- The announcement of Apple Pay's expansion came with the announcement of the company's impressive Q3 Services revenue sales, hitting an all-time high.