Apple Inc. (NASDAQ:AAPL) seem to be starting the new year with a stellar performance. In a report released Thursday, the tech giant revealed that its App Store generated a 50 percent surge in apps and in-app purchases for the year 2014, putting revenue for developers to be worth about $10 billion.
The App Store offers over 1.4 million apps in about 24 categories and these apps are available to download for iPad, iPhone, and iPod Touch users. For the first week of this year, the report notes, over half a billion dollars was generated in apps sales, with the first day of the year generating the biggest sales and recording the biggest one-day sales figures so far in its history since Apple Inc. (NASDAQ:AAPL) started the App Store about seven years ago.
Another Apple Inc. (NASDAQ:AAPL) business that is taking a good sign of performing well is Apple Pay, a mobile payment system designed to allow iPhone users to use their devices to pay for purchases made in stores and within apps. According to Business Insider, Apple Pay is now generating early signs of success, citing its own study that indicates a figure of 0.1 to 1.6 percent of payments made through the system at five top retailers after one month since the payment system was made available. Business Insider argues that the figure is indicative of an exceptional momentum because Apple Pay can only be used with the new iPhones. On the other hand, Apple reports that “more banks and credit unions continue to add support for Apple Pay, now representing about 90 percent of credit card purchase volume in the US.”
Apple Inc. (NASDAQ:AAPL)’s newest product, the Apple Watch, also recently took the spotlight early this year and two months ahead of its official release, which is slated to be in March. Talking in CNBC’s Squawk Alley about the wearable devices showcased at the CES in Las Vegas, MailOnline North America CEO Jon Steinberg said that although “the amount of tracking devices and wrist devices is almost mind-boggling,” all such devices will be destroyed by the Apple Watch.
This article has been written by Nonito Guntan.