Bank of America ▪ August 6
Bank of America ▪ January 15
Bank of America, which partnered with Apple to rollout Apple Pay at launch last October, has announced new customer data on adoption of the iPhone-based mobile payment service. The bank’s most recent quarterly earnings reveal that nearly 800,000 of its customers have begun using Apple Pay with a total of about 1.1 million debit and credit cards activated.
In addition to the latest customer data from Bank of America, support for paying with Apple Pay is popping up in another grocery store chain… expand full story
Bank of America ▪ October 22, 2014
Following up on a bevy of miscellaneous issues with Apple Pay, some Bank of America account holders are now reporting that the new service is charging them twice for some transactions. Re/code has now confirmed that Bank of America is in fact experiencing a technical error that is causing the double charges and is currently attempting to roll out a solution that will resolve the problem.
The glitch was apparently the result of a miscommunication between the bank’s systems and an unnamed payment network and wasn’t Apple’s fault at all, according to the report. The bank said that only about 1,000 transactions were affected by the problem, which is a relatively minute number compared to the number of transactions likely being carried out nationwide today.
Bank of America ▪ September 4, 2014
Financial site Bank Innovation reports that Apple has negotiated lower transaction fees with American Express, Bank of America, Capital One, Citigroup, and JP Morgan Chase ahead of the debut of its mobile payment system expected to be announced alongside the new iPhone models next week. The report notes that the banks were likely willing to lower rates to ensure participation and due to Apple’s security measures including the iPhone’s Touch ID sensor.
The first thing Apple has done is convince these four FIs to consider transactions from Apple’s upcoming payments venture — said to launch with its forthcoming iPhone 6 introduction — as “card present” transactions, which carry a lower discount rate than “card not present” transactions, because of lower fraud risk.
Bank of America ▪ April 29, 2012