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.