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 banks that support it, as well as a growing list of retail stores. However, one big roadblock has been bank support, with only a handful of banks supporting Apple’s digital wallet service, but that’s quickly changing.
Apple has added 15 banks and credit unions to the Apple Pay support list, bumping up the total number of banks to 60 so far. Among those that now support the new digital payment platform are Alliant Credit Union, Altra Federal Credit Union, Andrews Federal Credit Union, BBVA Compass, Boeing Employees’ Credit Union, Ent Federal Credit Union, F&A Federal Credit Union, Fifth Third Bank, First Niagara Bank, First Tech Federal Credit Union, Golden 1 Credit Union, INOVA Federal Credit Union, Savings Bank of Danbury, Star One Credit Union and Uwharrie Bank.
Last month, a handful of new banks rolled 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.
Most of the major banks now support Apple Pay and the last few to add support included USAA, US Bank, Navy Federal Credit Union, Barclaycard, PNC, L&N Federal Credit Union, UW Credit Union, and M&T Bank.
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.
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.
Apple CEO Tim Cook has said that the company has signed on over 750 banks and credit unions for Apple Pay, but only 60 of those have officially started rolling out support for the new digital payment platform. That will change soon enough, though.