Apple Pay Bank Support Grows in 2015

Apple Pay launched back in October alongside the iOS 8.1 update for iPhone and iPad users. The new payment platform already has a handful of major banks that support it, as well as a growing list of retail stores. However, one big roadblock has been bank support, with only a few big-name banks supporting Apple’s digital wallet service, but that’s quickly changing.

According to 9to5Mac, eight new banks are rolling out support for Apple Pay, most of which are smaller, regional banks. These include Security Service Federal Credit Union, Consumers Credit Union, Virginia Credit Union, Cyprus Federal Credit Union, Fairwinds Credit Union, Mountain America Credit Union, Partners Federal Credit Union, and Customers Bank.

A handful of new banks have rolled out support for Apple Pay in the recent months, including Associated Bank, BB&T, Black Hills FCU, Commerce Bank, Dupaco Community Credit Union, Idaho Central Credit Union, First Tennessee Bank, TD Bank North America, WesBanco, and UW Credit Union.

This comes shortly after another wave of banks began supporting Apple’s new digital wallet platform, including USAA, US Bank, Navy Federal Credit Union, Barclaycard, PNC, L&N Federal Credit Union, UW Credit Union, and M&T Bank.

Apple Pay

Only a handful of major banks supported Apple Pay when it initially launched, including Bank of America, Capital One, Chase, Citi and Wells Fargo.

Apple Pay is essentially the company’s own digital wallet platform to take on the growing market of digital payment systems that already released by companies like Google.

Apple Pay allows you to store your credit card information on your iPhone and use it to buy stuff at any store that supports Apple Pay. The iPhone 6 has an NFC chip that allows you to tap the pay terminal at a store to instantly buy goods. Furthermore, doing this doesn’t give the store your credit card information, so you’re less susceptible to store hacks that steal credit card information, similar to the recent Home Depot and Target hacks.

Apple Pay also works with mobile shopping apps, allowing you to pay with a single touch of the Touch ID fingerprint sensor in shopping apps that support the feature.

Apple Pay

Furthermore, Apple says that 220,000 store locations accept Apple Pay as a payment method, and that number will no doubt continue to grow into 2015 and beyond.

The company lists a handful of national chains that support Apple Pay, including McDonald’s, Panera Bread, Staples, Walgreens, Subway, Whole Foods, Macy’s, Bloomingdales, and the Disney Store.

As for apps that accept one-touch payment with Apple Pay, there are plenty that are already on board with it. Some notable shopping apps include Groupon, Panera Bread, OpenTable, Starbucks, Sephora, Target, and even Uber.

The MLB is another entity that supports Apple Pay, which isn’t too surprising considering that the MLB has had a close relationship with Apple recently, as the league worked closely with the Cupertino-based company to launch iBeacon in MLB stadiums across the country earlier this year. Plus, AT&T Park and Kauffman Stadium were the first sports stadiums to begin accepting Apple Pay, which spectators were able to use during the World Series.