Don’t look back PayPal; Apple Pay is gaining on you

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Apple’s Services business generated record revenue of $11.5 billion during its fiscal third quarter. This is Apple’s second-largest unit and its most profitable. And one of the businesses in this segment is Apple Pay. This is Apple’s mobile payment system and the company takes .15% of the value of each transaction rung up on the platform. For example, if someone with a compatible device (iPhone 6 and later, iPad Air and later, Macs sporting Touch ID and all Apple Watches) uses the system to make a $100 purchase, the company takes 15 cents. That might not sound like a lot of money, but multiply …

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