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Apple Pay now supports 90% of US credit cards by transaction volume

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With dozens more banks and retailers signed-up to Apple Pay in recent weeks, the company says the contactless payment system now supports the cards used for around 90% of credit card transactions in the US.

Ten further banks started accepting Apple Pay today, including two that had previously been announced as on the way: Commerce Bank and UW Credit Union … 

The eight additional banks are:

  • Associated Bank

  • BB&T

  • Black Hills FCU

  • Dupaco Community Credit Union

  • First Tennessee Bank
  • Idaho Central Credit Union
  • TD Bank North America

  • WesBanco

These are likely to be added to the table on Apple’s website shortly.

The NYT reports that Orlando Magic will also be bringing Apple Pay to its concession stands from next year.

Alex Martins, chief executive of the Orlando Magic, said he thought Apple Pay would play a part in bringing other industries into a new digital age.

“One of the biggest pieces of feedback we get from our fans is that the food and beverage lines are too long,” Mr. Martins said in an interview. “It keeps them from going to the concession stand because they don’t want to miss the action […] Technologies like Apple Pay will speed up our service.”

Apple is in the enviable position that its partner banks and retailers are doing a lot of the marketing for its payment system, both Chase and MasterCard recently running TV ads promoting Apple Pay. Forrester Research estimates that Apple Pay transactions will reach $35B by 2019.

Photo credit: raconteur.net

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Comments

  1. towamp - 9 years ago

    lovely!!

  2. Taste_of_Apple - 9 years ago

    Great news.

  3. jaredporter2014 - 9 years ago

    I’ve been randomly asking iPhone 6 users around town (Seattle) if they have used ApplePay (yet). In my very unscientific “polling” I find that very few new iPhone 6 owners even seem to know about it. So I hope the word and favorable experience level will increase throughout 2015.

    I also hope that Apple can boast that there will have been no security compromises with the implementation of ApplePay by the time a majority of retailers will have converted their POS systems to NFC by the Fall of 2015 (for EVM compliance). By then, billions if not trillions of ApplePay transactions will have been successfully logged.

    One of the best (“sleeper?”) use cases for ApplePay has to be for ONLINE ordering. Obviously it is safer, and more convenient, to NOT have to input one’s credit card number, expiration date, CC security code, and billing address when ordering online. The more this data stays within the iPhone’s secure enclave the better. I am especially reminded of this feature during this Holiday online ordering season. This is why the newest iPads include the fingerprint ID button.

    The highest benefit of ApplePay to Apple’s future with these proprietary ApplePay protocols will accrue from the eco system “stickiness” and favorable free publicity about security and convenience, and not from any direct bank or credit card revenue enhancements.

    So I welcome more awareness commercials like Chase and Wells Fargo are running now with ApplePay.

    It should prove hard for Google/Android to improve on ApplePay’s reliability and functionality. Apple was very smart and prescient to purchase AuthenTec for its patented ID technology, and it was smart to adopt 64-bit power processing and sapphire crystal fingerprint buttons when it did.

    • Billions/trillions of transactions? You are aware that ApplePay is only available on the iPhone 6 and 6 plus in the US only, and is available nowhere else around the world? Contrary to what you think, it’s a tiny market compared to the potential it has. But Apple need to be quick before others jump the gun!

      • r00fus1 - 9 years ago

        Same thing was said about the iPhone when it began it’s smartphone disruption. Goal was 1% of the phone market.

        Now you see where Apple is and how they’ve disrupted the industry.

        It’s going to happen again. Google and the Android manufacturers can make a work-alike, but lack the hardware integration and financial institution agreements that Apple has worked hard to develop, test and deploy.

        Sure, it’s iPhone6/+ today, but 2-3mo we’ll add Apple Watch to that list, then we’ll see iPads and possibly even a mac version of ApplePay.

        Apple will not license this technology. Like multitouch, App Store, iMessage, TouchID, etc Apple will use this differentiating factor to dominate the industry profits until the competition gets it’s act together. It’s a tough act to imitate, though.

      • jaredporter2014 - 9 years ago

        Yes, I guess I should have said billions or trillions of successful fingerprint ID phone unlocks whereas I hear that the Andoid phones with fingerprint ID are somewhat finicky.

        I know ApplePay is limited to iPhone 6 in the US, but there are being tens of millions sold, so by next fall I would expect Apple to be able to give some healthy stats reflecting rather widespread, SECURE use (hopefully).

  4. My Capital One co-branded credit card is still not on the list. And my debit card is still not on the list (which happens to be through my employer) and it appears as though they’re still 6 months away from supporting it. Not the fastest to adapt to new technologies. =(

  5. cseeman - 9 years ago

    Discover Card still not on the list. I can’t help but think that they’re the bulk of that 10% not yet onboard.

    Additionally, while I understand the advantages in security over handing over a physical card, I’m not entirely convinced it’s more convenient. I’ll have to compare the hand eye coordination of swiping a card vs touching the home button and aiming the phone successfully at a pay device.

    • r00fus1 - 9 years ago

      It’s not a disruptive solution yet – but keep this in mind, with Apple Pay, your CC can’t get hacked by Target/HomeDepot screwing up. They don’t have your card info to lose – they just send a validated token to the CC processor.

      So, while it may not be easier, it’s a hell of a lot more secure. How much convenience is that worth?

    • bpmajesty - 9 years ago

      Its WAY easier! Theres no hand/eye coordination. You just have the app open when you get to the register and its already on the screen You just press and hold… Do you have small hands? LOL!

      • cseeman - 9 years ago

        Pulling out the phone, making sure the hand is free to fingerprint unlock, find Passbook app, make sure the correct credit card is select, point and hope it makes a connection.

        I can pull out my wallet, the credit card, swipe at a terminal, much faster. Dropping the wallet doesn’t brake it either.

      • jaredporter2014 - 9 years ago

        FYI, you don’t have to “find the app and find the right credit card” (unless you are changing your iTunes-designated CC. All you do is tap the fingerprint ID scanner. Your phone is automatically fired up to pay just by being in range of the NFC.

  6. tpetaccia - 9 years ago

    Still waiting on the PayPal Debit Card (Mastercard) though. With Apple’s recent acceptance of PayPal at their online Apple Store, I was hoping ApplePay wouldn’t be far behind.

  7. sana9110 - 9 years ago

    So do your bank need to be set up with this to use Apple pay or can U just do it with your phone and card? Because I have a small credit union

  8. Ilko Sarafski - 9 years ago

    I am pretty sure that the developed world will eliminate the cash in next 10 to 15 years. Sweden and Denmark are on the way. The cash used there is less than 10%, everything is card-orientated/etc. By 2020 I guess we’ll have only iPhone 6 and above phones, which means that the penetration of the Apple Pay will be at least 90%. (6-7 years from now… no one is using iPhone 1 right now, so it make sense). Which means that by then Western Europe would also adopt the technology. My guess/bet is that by 2025 cash/card payments will be either 50/50 with phones-systems, or even lower. Can’t wait to adopt Apple Pay in Bulgaria and get rid off of the cash. Pfew!

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Avatar for Ben Lovejoy Ben Lovejoy

Ben Lovejoy is a British technology writer and EU Editor for 9to5Mac. He’s known for his op-eds and diary pieces, exploring his experience of Apple products over time, for a more rounded review. He also writes fiction, with two technothriller novels, a couple of SF shorts and a rom-com!


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