With this figure in mind, Apple Pay users would have to spend $451 billion for Apple to make even close to 1% of its total quarterly profits. But for a company of Apple’s size, the revenue generated from Apple Pay, while certainly helpful, is a drop in the ocean compared to the revenue generated from its iPhone or AirPods business.Īpple makes around 15 cents per every $100 spent via Apple Pay. How much does Apple make from Apple Pay? For you and me, the amount of money Apple makes from Apple Pay is a lot. According to a report from Bloomberg, Apple receives a fee for every Apple Pay transaction, which means the company will get a share of the more than $40 billion bucks generated each year from credit card transactions. Innovation is one thing, but the advent of Apple Pay stands to net the company billions of dollars in revenue too. With over 200 million credit card transitions a day in the US alone, Cook said the payment transaction area was ripe for Apple’s innovation. It’s no wonder that people have dreamed of replacing these for years. Speaking about a credit card’s drawbacks Cook said, “We’re totally reliant on the exposed numbers and the security codes that all of us know aren’t secure. When Tim Cook introduced Apple Pay in 2014 he stated that most people use credit cards, but added: “ fairly antiquated payment process” that is almost 50 years old. With newer iPhones with Face ID, users will simply scan their face to authenticate a purchase With it, users can simply place their iPhone up to a contactless card terminal and press their finger to their iPhone’s Touch ID to authenticate for their purchase. What Is Apple Pay?Īpple Pay is Apple’s contactless payment technology. The benefit of Apple Pay is that you can store multiple cards (debit and credit), as well as coupons, vouchers, and plane and train tickets, on your iPhone and Apple Watch and then simply use your iPhone or Apple Watch, rather than a physical card or ticket, to pay for things (or board a plane).Īs Apple Pay turns six this year, we take a look at everything you need to know to get started with Apple’s mobile payment solution. Apple was one of the leaders in the field, introducing Apple Pay in 2014.Īpple Pay is a payment platform that allows you to make payments from ALL your bank accounts without having to carry cards or cash. That’s why everyone from Google to Samsung to Apple has gotten in on the mobile payments game. And that number is expected to increase from here on out until a majority of people pay for items with their mobile phones by the middle of the next decade. used a mobile payment method – that’s 20% of the population. However, summit implies the topmost level attainable.Do you still use cash? What about a physical credit or debit card? Right now you’re still in the majority, but that’s changing fast. In some situations, the words summit and acme are roughly equivalent. The pinnacle of worldly success When might summit be a better fit than acme? The meanings of pinnacle and acme largely overlap however, pinnacle suggests a dizzying and often insecure height. While in some cases nearly identical to acme, peak suggests the highest among other high points.Īn artist working at the peak of her powers In what contexts can pinnacle take the place of acme? The culmination of years of effort Where would peak be a reasonable alternative to acme? The synonyms culmination and acme are sometimes interchangeable, but culmination suggests the outcome of a growth or development representing an attained objective. The war was the climax to a series of hostile actions When is it sensible to use culmination instead of acme? Specifically, climax implies the highest point in an ascending series. The words climax and acme are synonyms, but do differ in nuance. The apex of Dutch culture When is climax a more appropriate choice than acme? While the synonyms apex and acme are close in meaning, apex implies the point where all ascending lines converge. While all these words mean "the highest point attained or attainable," acme implies a level of quality representing the perfection of a thing.Ī statue that was once deemed the acme of beauty When could apex be used to replace acme? Some common synonyms of acme are apex, climax, culmination, peak, pinnacle, and summit. Frequently Asked Questions About acme How does the noun acme differ from other similar words?
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