Apple Pay

Apple Pay Ups Service To Banks, Credit Unions


Apple customers have more payment options now that the company has updated its list of Apple Pay banks and card issuers in response to the more than 25 banks and credit unions in the U.S. that can now support the service.

9to5Mac shared that during Apple’s fiscal Q1 earnings call late last month, the company announced that the number of Apple Pay users has tripled, with transaction volume up 500 percent year over year. With the adoption of Apple Pay on the web last fall, which allowed retailers to integrate Apple Pay into website checkouts, there are now over 2 million small businesses using Apple Pay on the web. Comcast is also planning to add support for bill payments.

In a January 2017 article by 9to5Mac, it was reported that retail stores Duane Reade and Whole Foods are the most popular brick-and-mortar stores for Apple Pay customers, accounting for 1.8 percent and 1.7 percent of its transactions, respectively. Usage in mobile apps and websites was higher, with HotelTonight leading at around 3.4 percent, followed by food delivery services Caviar, Postmates and DoorDash.

Some of the U.S. banks and credit unions now supporting Apple Pay include Apple Bank for Savings, First American Bank, Consumers National Bank and Seasons Federal Credit Union, among others. In addition, Apple Pay is now available in Canada, France, Russia, Switzerland, the United Kingdom, Australia, Mainland China, Hong Kong, New Zealand, Singapore, Japan and, most recently, Spain.

However, the company is currently fighting with Australian lawmakers over what Apple says is an attempt by Australian banks to “delay or even block” the rollout of the payment service there.



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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