Newsroom
January 29, 2015
750 banks and CUs have joined Apple Pay
Apple CEO Tim Cook says 750 banks and credit unions have now joined Apple Pay, the new contactless payment service.
Cnet.com reported that the service accounts for more than $2 out of every $3 spent on contactless purchase payments. The service began in October with 500 financial institutions signing up then.
A group of merchants decided to block Apple Pay in October, which NAFCU Vice President of Political Affairs Katie Marisic said put profits above consumer security: "Telling consumers they won't be able to use a payment system they prefer and trust seems counterintuitive in an era of heightened security concerns."
Cook, in a company earnings call, also said Apple Pay makes up 80 percent of Panera Bread's mobile transactions and that mobile transactions have gone up b 400 percent at Whole Foods in three months.
Navy Federal Credit Union was on Apple Pay's initial list of Apple Pay participants; Security Service Federal Credit Union was also an early adopter. Both are NAFCU member credit unions.
Rita Ramirez, vice president of emerging payments at MasterCard (a NAFCU Services Preferred Partner), discussed trends in digital payments in a free NAFCU webcast held in November, which will remain available on-demand until Nov. 14, 2015.
Cnet.com reported that the service accounts for more than $2 out of every $3 spent on contactless purchase payments. The service began in October with 500 financial institutions signing up then.
A group of merchants decided to block Apple Pay in October, which NAFCU Vice President of Political Affairs Katie Marisic said put profits above consumer security: "Telling consumers they won't be able to use a payment system they prefer and trust seems counterintuitive in an era of heightened security concerns."
Cook, in a company earnings call, also said Apple Pay makes up 80 percent of Panera Bread's mobile transactions and that mobile transactions have gone up b 400 percent at Whole Foods in three months.
Navy Federal Credit Union was on Apple Pay's initial list of Apple Pay participants; Security Service Federal Credit Union was also an early adopter. Both are NAFCU member credit unions.
Rita Ramirez, vice president of emerging payments at MasterCard (a NAFCU Services Preferred Partner), discussed trends in digital payments in a free NAFCU webcast held in November, which will remain available on-demand until Nov. 14, 2015.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.