Starting in October, customers will be able to pay for purchases directly from their iPhones and Apple Watches, thanks to Apple’s new mobile payment service — and the Navy Federal Credit Union is among the financial institutions partnering with Apple for the roll-out of Apple Pay, the Washington Post reported.
At Navy Federal, the world’s largest credit union, executives had long considered the idea of mobile payments, but many of the options they came across were too limited. “A lot of the other solutions were more myopically focused than Apple Pay,” said Randy Hopper, vice president of credit cards and business optimization for the credit union. “They were looking to partner with just one merchant, or be limited to one geographic region. We felt like, while this might be a great solution, it needs to be scalable.”
Navy Federal is not hiring additional staffers to support Apple Pay, Hopper said. Instead, the credit union has been focusing on ramping up technical support and ensuring that its existing computer systems can manage Apple devices and process payments for the credit union’s 2 million credit card holders and 3.5 million debit card holders.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More