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Credit unions reportedly make up the majority of early enrollers for the Apple Pay system, which launched earlier this month through Apple's iPhone 6 and 6 Plus, and Apple Watch.

According to Credit Union Journal, "some unofficial lists suggest the majority of early uptake is coming from credit unions."

"Apple Pay doesn't play favorites. It doesn't choose which card to use based on the issuer's size or its business model," the article said. "By default, Apple Pay uses the first card a consumer links to it. In this way, a smaller credit union can beat out a top-10 bank by being faster to support the Apple mobile wallet."

The payment system uses near-field communication chips in the phones to allow consumers to make purchases through the phones, confirming the purchases by using a TouchID fingerprint sensor, the report notes.

NCUA Vice Chairman Rick Metsger told the Journal, "I'm encouraged to see that so many credit unions have embraced technology that attempts to increase the security of the payment system. You don't have to be a multibillion dollar financial institution to implement a high level of security."

Jim Laffoon, president and CEO of Security Service FCU, has said his credit union plans to join the Apple Pay sphere early in 2015. Navy Federal Credit Union is among the early list of financial institutions to have signed on. As noted previously, more than 200,000 retailers, including Whole Foods, McDonald's, Chevron and Macy's will accept Apple Pay.

Kevin Rowland of MasterCard (a NAFCU Services Preferred Partner) discussed the new payment system during NAFCU's Congressional Caucus. MasterCard will be working with NAFCU members interested in transitioning to the program.

In related news, Lee Wetherington wrote about the launch of Apple Pay in CUInsight on Thursday, and said "Leveraged smartly, Apple Pay paves the way for credit unions to offer more meaningful mobile banking and personal finance apps that encompass and give context to the expanding world of mobile payments." Wetherington will give a keynote address on technological opportunities at NAFCU's Strategic Growth Conference in Savannah, Ga., in March.