Sales of Apple's main products iPhones, iPads and Macs have been down based on the tech giant's recent financial report. Its overall revenue has continued to decline. However, the company's service revenue has done Apple a good deal. Particularly, its Apple Pay purchases have increased by 500 percent.
Apple Pay Is Still A Bright Spot
According to Engadget, the firm Cupertino has revealed that Apple Pay purchases year-over-year have significantly risen in the third quarter. Apparently, transactions were more than in Apple's fiscal 2015 combined.
Apple Pay does not enjoy the same presence as Apple's other more popular products. However, it is suiting up to reach that same level as the figure shows. Apple is already making Apple Pay available to more parts of the world.
The tech company has expanded its market of Apple Pay in Australia, Canada, China, Asia and Europe. It is recently launched in Japan and Russia this October. Apple will definitely capitalize on the payment system's growth. It should be able to reach more countries and extend its influence in existing markets.
Apple's Pay Advantage Over Its Competitions
Apple Pay advantage over its competitions is the fact that it is accessed by more people. Devices capable of Apple Pay exceed that of Samsung and Google. Apple is yet to disclose the number of Apple Pay transactions.
Samsung was not shy about making the public aware of its 100 million transactions. It remains to be seen if Apple Pay's competitions can be as successful.
Apple Pay is said to have $10.9 billion worth of purchases in 2015, according to Apple Insider. That figure should be even higher this year for Apple.
Apple's Declining Revenue
Apple's revenue is down to only $46.9 billion. According to Forbes, Apple's market in Europe and Japan has become better. It is contrary to that in China and the Americas. Apple's sales in China has dropped by 30 percent year-over-year.