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  1. Akshay Masand's Avatar


    The total number of banks and credit unions participating in the Apple Pay initiative has increased to 39 in less than three months after the service’s debut since eight new financial institutions recently joined the mobile payment initiative. The list of new partners are led by the Security Service Federal Credit Union which is one of the largest credit unions in the United States. It was originally formed to serve members of the US Air Force Security Service, SSFCU now counts roughly 925,000 members across Texas, Colorado and Utah with more than $8 billion in assets.

    The other financial institutions which have hopped on board the initiative include the Partners Federal Credit Union, Consumers Credit Union, Virginia Credit Union, Cyprus Federal Credit Union, Fairwinds Credit Union, Mountain America Credit Union and regional bank Customers Bank. Combined the new partners could bring as many as 2 million more potential customers into the mix for the Cupertino California company’s Apple Pay initiative.

    The addition of these partners to the list is one that is quite helpful as major credit unions have been slow to sign on with Apple Pay. The SSFCU and Navy Federal are the only two Apple Pay participants that are among the top 10 credit unions nationwide in terms of members or assets. The credit unions do make up nearly half of the service’s participating financial institutions. When it comes to banks, the whole premise is a lot different. Only two of the top 10 banks have chosen to not sign on, Bank of New York Mellon and HSBC to be exact.

    Apple Pay has been growing quite steadily since its rollout in October of last year. Back in November it already accounted for 1% of all digital payments. As of right now, Apple is believed to be planning a worldwide expansion which is likely to be based in its offices in London. We’ll have to wait to see what happens next though.

    Source: AppleInsider

    Twitter: @AkshayMasand
    2015-01-08 04:08 PM
  2. ComputerMan's Avatar
    when will delta community credit union or Fifth Third bank get Apple Pay?
    2015-01-08 07:05 PM
  3. hotrod98's Avatar
    when will delta community credit union or Fifth Third bank get Apple Pay?
    Excellent question because MMI staff know exactly when your bank will get onboard.....
    2015-01-09 05:00 AM
  4. WHUDS's Avatar
    Why is Apple Pay so important?
    Why trust it in this day of Hacks?
    2015-01-09 02:48 PM
  5. Scotty Manley Silberhorn's Avatar
    Why is Apple Pay so important?
    Why trust it in this day of Hacks?
    Would you rather trust one company with your credit card or 20 companies?
    2015-01-09 03:24 PM
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