Apple Pay Review: It's Already a Huge Hit, Tim Cook Says

As with anything "Apple," the company's mobile payment system, Apple Pay, has become a huge hit a little over a week after its launching, said Timothy Cook, company CEO.

In a recent conference in California, Cook proudly announced that they have activated one million credit cards on Apple Pay during the first three days after its launching.

"We've been told by MasterCard and Visa that if you summed up everyone else in mobile payments, we're already No. 1," said Cook. He added that they are "more than the total of all the other guys," which he thinks is remarkable, given that they've "only been at it for a week."

The payment system was launched in participation with a number of stores with over 220,000 locations, including Walgreens, Panera Bread, Macy's, Subway and Bloomingdales among many others.

However, Rite-Aid and CVS have opted out of Apple Pay as these retailers were reported to be on their way to developing their own payment system.

Cook said he believes that it's only a matter of time before these retailers come back to using Apple Pay as one of their payment systems. "It's a skirmish, that's the way we see it," said Cook.

He added, "I think that over the long arc of time, retailers will step back. Merchants have different objectives some times, but in the long arc of time, you're only relevant if customers love you."