Apple Pay

Apple Pay Now Accepted At More Than 40 Banks, Credit Unions In US

Apple Pay is expanding in a big way in the U.S. and is now available at more than 40 banks and credit unions.

According to a report, since the service launched just over two years ago, it has expanded to a slew of banks and credit unions, bringing its number to more than 40 as of today. Some of the banks now accepting Apple Pay include Banc of California, Carolina Federal Credit Union, FNB Bank, Gateway State Bank and New York Community Bank, to name a few.

The move on the part of Apple to get more than 40 banks to support its mobile payment service comes a day after two banks in Australia announced they were now supporting Apple Pay in part because of high demand from customers. ING Australia, one of the banks to start supporting Apple Pay, said that, in addition to the one-touch ease of paying for things with Apple Pay, the bank liked the fact that, with Apple Pay, the credit or debit card numbers are not stored on the devices or on Apple servers. Apple instead uses a unique Device Account Number that is assigned, encrypted and securely stored in the Secure Element on the user’s device.

In the case of Macquarie, the other Australian bank that is accepting Apple Pay, the company said in a press release that the launch of Apple Pay is the next step in the bank’s move to support digital banking solutions for its customers. “With more Australians using their mobile phones for banking, it’s an obvious next step that customers would want to turn their iPhone into their wallet,” said Ben Perham, head of personal banking for Macquarie’s Banking and Financial Services Group, in the release. “Paying with your iPhone is an awesome customer experience, and we think our customers are going to love being able to leave their wallet at home. In building our own digital banking offering, we looked to set a new bar with a highly personalized and intuitive customer experience. Apple Pay is part of our integrated approach to continuing to make our customer’s banking secure, fast and convenient.”



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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