Morgan Stanley leads 20 new bank and credit union additions for Apple Pay
Apple continues to expand the reach of its popular mobile payment system, with the Cupertino company rolling out support for cards from nearly two dozen additional financial institutions -- including major investment bank Morgan Stanley -- on Wednesday.
The addition of Morgan Stanley may seem odd, given that the firm offers no retail banking services, but that is not the case. Investment banks like Morgan Stanley often offer exclusive credit cards to customers who use the bank's wealth management services.
One famous example is JPMorgan Chase's Palladium card -- made from a combination of gold and palladium thought to cost around $1,000 per card -- which is believed to require prospective cardholders to invest more than $20 million before obtaining one.
Morgan Stanley has two such arrangements with American Express, including a customized version of American Express's popular Platinum card. Merrill Lynch, a Morgan Stanley competitor, was one of Apple Pay's earliest adopters.
Also coming on board are Affinity Federal Credit Union, Cabela's Club, Central Bank, Credit Union of Southern California, Farmers & Merchants Bank of Long Beach, First National Bank of Omaha, First Sentry Bank, FirstBank, Grow Financial Federal Credit Union, Ideal Credit Union, Redwood Credit Union, State Department Federal Credit Union, Teachers Credit Union, Technology Credit Union, The Northern Trust Company, The Independent BankersBank, United Federal Credit Union, and Utah First Federal Credit Union.
All told, Apple has now added support for nearly 100 of the more than 700 banks and credit unions that have signed up to integrate Apple Pay.
The addition of Morgan Stanley may seem odd, given that the firm offers no retail banking services, but that is not the case. Investment banks like Morgan Stanley often offer exclusive credit cards to customers who use the bank's wealth management services.
One famous example is JPMorgan Chase's Palladium card -- made from a combination of gold and palladium thought to cost around $1,000 per card -- which is believed to require prospective cardholders to invest more than $20 million before obtaining one.
Morgan Stanley has two such arrangements with American Express, including a customized version of American Express's popular Platinum card. Merrill Lynch, a Morgan Stanley competitor, was one of Apple Pay's earliest adopters.
Also coming on board are Affinity Federal Credit Union, Cabela's Club, Central Bank, Credit Union of Southern California, Farmers & Merchants Bank of Long Beach, First National Bank of Omaha, First Sentry Bank, FirstBank, Grow Financial Federal Credit Union, Ideal Credit Union, Redwood Credit Union, State Department Federal Credit Union, Teachers Credit Union, Technology Credit Union, The Northern Trust Company, The Independent BankersBank, United Federal Credit Union, and Utah First Federal Credit Union.
All told, Apple has now added support for nearly 100 of the more than 700 banks and credit unions that have signed up to integrate Apple Pay.
Comments
I was skeptical - and still am - about the future of ApplePay, but it's certainly nice to see the list of adopters continue to swell.
The problem remains, to get the average person - not the AI reader, or techie, or 30-and-under - to understand why ApplePay is such a significant improvement in security and safety, and, to a lesser extent, ease-of-use.
These are the folks whose spending, by dint of sheer numbers, will make or break this foray into a new business for Apple, and, at least so far, that group still seems pretty clueless, because their sources of information (e.g. the evening news, etc.) are also generally pretty clueless, about the finer points, the specific distinctions, between it and everything that's gone before.
Just give it time. I recall vividly the disbelief in the UK that we'd ever be able to master decimalized currency. For ages I remember the stalls at the local produce market had items priced in both the old system (base 20 AND base 12) and the new (base 10). Newspapers were full of horror stories about the elderly or math(s) challenged being befuddled and / or cheated. Same probably went for the change over to metric measurements but I'd escaped by then.
Apple Is Doomed!™
Oh wait!
Don't forget the other good one, 'no one in China can afford an Apple product.'
Morgan Stanley also issues MasterCard debit cards to account holders upon request. These cards are standard plastic, not made of rare metals.
Still no Discover Card. Unbelievable. Get with the times, Discover!! Until then, I am fully using my Apple Pay American Express!! Discover will lose revenue until they get on the Apple Pay bandwagon!!
Just give it time. I recall vividly the disbelief in the UK that we'd ever be able to master decimalized currency. For ages I remember the stalls at the local produce market had items priced in both the old system (base 20 AND base 12) and the new (base 10). Newspapers were full of horror stories about the elderly or math(s) challenged being befuddled and / or cheated. Same probably went for the change over to metric measurements but I'd escaped by then.
Oh - Things were so simple before the 1971 decimalization...
4 farthings to a penny.
2 farthings to a haepney
2 haepneys to a penny .
3 pennies = thruppence. 4 thrupenny bits= 1 shilling.
6 pennies = sixpence. 2 "tanners" = 1 shilling.
12 pennies = one shilling.
20 shillings = one pound. 12pennies x 20shillings=240 pennies in a pound.
Also, a two bob bit , (or florin , posh , eh ,) was a two shilling coin . A half-crown coin was worth two shillings and sixpence. Therefore, 5 two bob bits made 10 shillings, (half of a pound ) , and 4 half-crowns also made 10 shillings, (half of a pound .) The only notes in general use were a ten bob note, (half a quid), one pound note, five pound note, and you might even see a tenner.
There is a Pub in Islington (London) where they still charge you in the old money - that is, you pay in the 'new' money but they give you the price in the old.
Yep such memories eh? By 1971 it was already simplified as half of the denominations you mention had gone. Now in the 1950's it was really fun!
I know I over simplified the number of bases we worked with but mostly an American audience here and i doubt they'd believe it! lol. The complexities involved in doing 'money sums' at junior school in those days were by today's standards, advanced mathematics. You could be dealing with half a dozen difference bases in one calculation. I'd like to see them teach that or indeed get one into the modern multiple answer type tests! Was it a, b,c or d! Ha!
The pub sounds fun! Wait ... what's a pub?
But ... but .. it's secret!
But I'm sure they rre using touch ID here ...
I'd be surprised if Apple wanted to own a card ... seems to be a 180° on everything they have stated.
My card was rejected, but I'll try again later today/tomorrow if it's only just rolling out. I was able to get almost to the end of the process, which wasn't true previously.
You also don't need $20m if you want one either.
Oh - Things were so simple before the 1971 decimalization...
4 farthings to a penny.
2 farthings to a haepney
2 haepneys to a penny .
3 pennies = thruppence. 4 thrupenny bits= 1 shilling.
6 pennies = sixpence. 2 "tanners" = 1 shilling.
12 pennies = one shilling.
20 shillings = one pound. 12pennies x 20shillings=240 pennies in a pound.
Also, a two bob bit , (or florin , posh , eh ,) was a two shilling coin . A half-crown coin was worth two shillings and sixpence. Therefore, 5 two bob bits made 10 shillings, (half of a pound ) , and 4 half-crowns also made 10 shillings, (half of a pound .) The only notes in general use were a ten bob note, (half a quid), one pound note, five pound note, and you might even see a tenner.
There is a Pub in Islington (London) where they still charge you in the old money - that is, you pay in the 'new' money but they give you the price in the old.
And don't forget the Guinea, which is One Pound + 1 Shilling, as when Bertie once said "I'll lay 75 Guineas on Bees Knees at 7 to 5 in the 5th."
Wonderful stuff, thanks. I think this explains why the Lucas fuel pump on my '53 MG had contact points that switched on the pumping solenoid every time that the diaphragm relaxed. At least you could hear when it stopped working.
The great thing is that every single new person who uses Apple Pay will be an ambassador of the service to everyone else, as well as an advertisement whenever it is used in public. Not sure how ANYONE can honestly be pessimistic about the future of Apple Pay at this point. Apple took it's time and came out with a winning execution. Based on the very short time it's been available, adoption has been remarkable and will only continue growing. Not sure how anyone else can compete at this point, as Apple is the only one with all the pieces in place.