Credit unions again lead latest round of 39 Apple Pay additions

Posted:
in iPhone edited March 2015
Apple Pay momentum continues to propel the nascent payments system forward, and Apple on Tuesday announced the addition of 39 participating financial institutions, 27 of which are credit unions.




Apple added 39 new entries to its list of Apple Pay participating issuers, as reflected in a corresponding Support Pages document on the company's website, bringing the total up to 145 banks and credit unions.

New additions include America's Christian Credit Union, America's Credit Union, Arizona Federal Credit Union, BankPlus, BMI Federal Credit Union, Canton School Employees FCU, Charles Schwab Bank, Clearview Federal Credit Union, First Community Bank & Trust, First Community Credit Union, First Credit Union, First National Bank of Pennsylvania, GTE Financial, Gulf Winds FCU, Hiway Federal Credit Union, Independent Bank, Jordan Credit Union, KeyBank, Lake Michigan Credit Union, Langley Federal Credit Union, Los Angeles Federal Credit Union, Members First Credit Union, Michigan State University Federal Credit Union, NBT Bank, ORLN Federal Credit Union, Prosperity Bank, RBC Bank, Sacramento Credit Union, Salem Five Bank, San Francisco Fire Credit Union, Sandy Spring Bank, Schools Financial Credit Union, Silicon Valley Bank, TruMark Financial Credit Union, United Nations FCU, Vantage Credit Union, VyStar Credit Union, Wanigas Credit Union and Wings Financial Credit Union.

It appears credit unions are more willing -- or nimble -- than banks to adopt Apple Pay, as seen by today's additions. Earlier in March, Apple added a 18 issuers to the running list, 16 of which were credit unions.

Apple Pay now supports credit cards and debit cards issued by nearly 150 financial institutions across the U.S., with another 700 reportedly awaiting authorization.

Helping stoke adoption are stores that offer Apple Pay-compatible touchless point of sale terminals, the number of which recently expanded with 14 new merchants including Jamba Juice, Coca-Cola vending machines and more.
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Comments

  • Reply 1 of 22

    I've given up on my CU at this point. Promises are nice, follow through is better. I'll switch banks when my car is paid off in a few months.

  • Reply 2 of 22
    Maybe these CUs are all using the same software platform? So if the underlying software gets updates to support ApplePay, its easy for CUs to flip the switch?
  • Reply 3 of 22
    konqerrorkonqerror Posts: 685member
    Quote:
    Originally Posted by siromega View Post



    Maybe these CUs are all using the same software platform?

     

    Credit unions do almost everything through a larger contractor. Cards, checks, wires, loans... "Local" is a big fat lie. They don't even invest money in deposit accounts themselves, they give your money to a "corporate" or wholesale credit union, the two largest of which took bailout money and were subsequently closed.

  • Reply 4 of 22
    steven n.steven n. Posts: 1,222member
    Woo hoo!!! I'm up on ApplePay at last.
  • Reply 5 of 22
    paxmanpaxman Posts: 4,670member
    Meanwhile in Canada the 7.5 million a year CEO of RBC sees his bank as being in a collision course with Apple (and Google).

    "Dave McKay, the chief executive of Royal Bank of Canada, says the bank is on a “collision course” with the likes of Apple Inc. and Google Inc. as customers begin to fully embrace mobile banking.

    Apple Pay, the smartphone giant’s mobile payment platform, is taking off in the United States, but such systems threaten to get in between banks and their customers, Mr. McKay told RBC investors and clients at a conference in New York.

    Though RBC would still be paid for transactions if it were to embrace the platform, the bank would lose an important connection to the customer that exists with other payment methods such as credit cards.

    “So we’re on a collision course,” Mr. McKay said, acknowledging that taking on the technology behemoths is not something even Canada’s largest bank would choose to do unless it was necessary.

    RBC is seeking an alternative where the bank can be at the top of the ecosystem, Mr. McKay said, adding that banks have an edge right now through customers’ trust and a reputation for security with their money.

    “Trust and security are key assets. They buy us time,” he said.
  • Reply 6 of 22
    solipsismysolipsismy Posts: 5,099member
    1) This is a tour de force. What will be the financial institution saturation by one year (Oct, 2015)? 99%? 99.9%? Will Discover finally be on board by then, not that it matters to ?Pay's success in the grand scheme of things.

    2) ?Pay in Europe should be launching soon, if I remember correctly. I wonder how long before that reaches a large majority of banks in Europe? There are a lot of financial institutions but I would bet there is a lot of shared technology that should make it fairly stable, systematic and inexpensive to update. In a year from now I wouldn't be surprised if Europe is in the same boat as the US with ?Pay.

    3) The US can finally start stage 3: getting merchants on board. This was always going to take the most time but there had to be the devices in hands of customers and support on the backend before this was going to happen en masse. I still say we're at least a couple years away in the US before we can start leaving our insecure cards at home in favour of just our CE for payments. Will there be incentives for merchants that accept ?Pay or will the banks expect them to follow suit on their own accord? I think it can go either way, but I think a slight reducing in fees for ?Pay payments might be warranted for the level of savings against fraudulent charges ?Pay prevents.


    paxman wrote: »
    Meanwhile in Canada the 7.5 million a year CEO of RBC sees his bank as being in a collision course with Apple (and Google).

    "Dave McKay, the chief executive of Royal Bank of Canada, says the bank is on a “collision course” with the likes of Apple Inc. and Google Inc. as customers begin to fully embrace mobile banking.

    Apple Pay, the smartphone giant’s mobile payment platform, is taking off in the United States, but such systems threaten to get in between banks and their customers, Mr. McKay told RBC investors and clients at a conference in New York.

    Though RBC would still be paid for transactions if it were to embrace the platform, the bank would lose an important connection to the customer that exists with other payment methods such as credit cards.

    “So we’re on a collision course,” Mr. McKay said, acknowledging that taking on the technology behemoths is not something even Canada’s largest bank would choose to do unless it was necessary.

    RBC is seeking an alternative where the bank can be at the top of the ecosystem, Mr. McKay said, adding that banks have an edge right now through customers’ trust and a reputation for security with their money.

    “Trust and security are key assets. They buy us time,” he said.

    He doesn't seem to understand how ?Pay works. Banks are still at the top of the ecosystem, and security is even greater for the customer which means it's great for the banks, thereby reducing the potential for theft (once it reaches a critical mass).

    He sounds like the typical asshat that doesn't like something simply because it's new.
  • Reply 7 of 22
    vmarksvmarks Posts: 760editor
    Quote:

    Originally Posted by TheWhiteFalcon View Post

     

    I've given up on my CU at this point. Promises are nice, follow through is better. I'll switch banks when my car is paid off in a few months.


    Mine is slow, too, although they announced in October.

     

    The only thing keeping me with them and not one of these that has support is local branches.

  • Reply 8 of 22
    vmarksvmarks Posts: 760editor
    Quote:

    Originally Posted by paxman View Post



    Meanwhile in Canada the 7.5 million a year CEO of RBC sees his bank as being in a collision course with Apple (and Google).



    "Dave McKay, the chief executive of Royal Bank of Canada, says the bank is on a “collision course” with the likes of Apple Inc. and Google Inc. as customers begin to fully embrace mobile banking.



    Apple Pay, the smartphone giant’s mobile payment platform, is taking off in the United States, but such systems threaten to get in between banks and their customers, Mr. McKay told RBC investors and clients at a conference in New York.



    Though RBC would still be paid for transactions if it were to embrace the platform, the bank would lose an important connection to the customer that exists with other payment methods such as credit cards.



    “So we’re on a collision course,” Mr. McKay said, acknowledging that taking on the technology behemoths is not something even Canada’s largest bank would choose to do unless it was necessary.



    RBC is seeking an alternative where the bank can be at the top of the ecosystem, Mr. McKay said, adding that banks have an edge right now through customers’ trust and a reputation for security with their money.



    “Trust and security are key assets. They buy us time,” he said.

    Not only does he not understand how ApplePay is more secure, and how banks still remain at the top of the ecosystem, he's being dumb about mobile.

     

    People have great relationships with their mobile devices, using them hundreds of times a day. They have far less frequent interactions with their banking institutions, and not all of those interactions are pleasant. (Overdraft fees, limits on mobile transfers, security issues (debit fraud / ID fraud / stolen CC number)...

     

    If this fellow were smart, he'd get in front of mobile. So many financial institution apps are awful. Why doesn't he make theirs best in class? Why doesn't he get on board and put his bank on the phone people already love, in every way possible, including ApplePay?

     

    Security and trust are key assets. Banks don't have a lock on those.

    People don't trust their banks when the experiences are awful, when the fees are plentiful, and the news is full of banks in general getting away with crimes (Hello, HSBC.)

     

    This guy would be left behind already if his bank weren't so large.

  • Reply 9 of 22
    blazarblazar Posts: 270member
    They need to come out with cheap nfc merchant terminals or maybe apple should start roviding them at cost.

    This is a battle worth winning for apple, an ecosytem bonanza.

    The watch needs to pay for stuff, unlock stuff, activate/deactivate stuff, and provide localization for automation. Apple pay is just one leg of that setup.

    Next needs to be replacing nfc door lock access cards (like the places i work).
  • Reply 10 of 22
    vmarksvmarks Posts: 760editor
    Quote:

    Originally Posted by blazar View Post



    They need to come out with cheap nfc merchant terminals or maybe apple should start roviding them at cost.



    This is a battle worth winning for apple, an ecosytem bonanza.



    The watch needs to pay for stuff, unlock stuff, activate/deactivate stuff, and provide localization for automation. Apple pay is just one leg of that setup.



    Next needs to be replacing nfc door lock access cards (like the places i work).

     

    There are already plentiful NFC merchant terminals. Every terminal is getting replaced for EMV. Practically every EMV one has the capability to have NFC enabled, it's just a software load in it.

     

    The brain damage is this: with everyone using the same hardware and some having NFC enabled and some not, there's no good way for the consumer to know just be recognizing the pin pad.

  • Reply 11 of 22
    solipsismysolipsismy Posts: 5,099member
    blazar wrote: »
    They need to come out with cheap nfc merchant terminals or maybe apple should start roviding them at cost.

    This is a battle worth winning for apple, an ecosytem bonanza.

    The watch needs to pay for stuff, unlock stuff, activate/deactivate stuff, and provide localization for automation. Apple pay is just one leg of that setup.

    Next needs to be replacing nfc door lock access cards (like the places i work).

    Everyone wins but those that attempt from fraud. No one have to force feed ?Pay, but if anyone should the banks since they have the most to gain from stopping this fraud.
  • Reply 12 of 22
    solipsismysolipsismy Posts: 5,099member
    vmarks wrote: »
    The brain damage is this: with everyone using the same hardware and some having NFC enabled and some not, there's no good way for the consumer to know just be recognizing the pin pad.

    If the terminal supports NFC then it should have the NFC symbol on it.
  • Reply 13 of 22
    vmarksvmarks Posts: 760editor
    Quote:

    Originally Posted by SolipsismY View Post





    If the terminal supports NFC then it should have the NFC symbol on it.

    I wish.

     

    Sure, there are some that support Tap to Pay and have the silkscreen of the contactless payment icon on the device.

    But there are also LCD based systems which are hardware-identical to ones that don't have the NFC software load, so you can't tell by looking at the device whether or not ApplePay will work. 

  • Reply 14 of 22
    dunksdunks Posts: 1,254member

    I really thought this would be in Australia by now. Compatible EFTPOS terminals have already been rolled out extensively and there are only a handful of major banks that would need to support it at launch all of whom have expressed interest. At least the NFC is locked down watertight so we don't have to deal with every bank trying to roll out a flustercuck of mediocre propriety versions.

  • Reply 15 of 22
    solipsismysolipsismy Posts: 5,099member
    vmarks wrote: »
    I wish.

    Sure, there are some that support Tap to Pay and have the silkscreen of the contactless payment icon on the device.
    But there are also LCD based systems which are hardware-identical to ones that don't have the NFC software load, so you can't tell by looking at the device whether or not ApplePay will work. 

    Then that retailer is doing a poor job if they aren't paying a pennies per store to have stickers in place. Even on the door/window next to the MC/VISA stickers would be fine. However, in lieu of that there is an easy way to tell if there is an active NFC terminal at a register.
  • Reply 16 of 22
    slurpyslurpy Posts: 5,317member
    Quote:

    Originally Posted by paxman View Post



    Meanwhile in Canada the 7.5 million a year CEO of RBC sees his bank as being in a collision course with Apple (and Google).



    "Dave McKay, the chief executive of Royal Bank of Canada, says the bank is on a “collision course” with the likes of Apple Inc. and Google Inc. as customers begin to fully embrace mobile banking.



    Apple Pay, the smartphone giant’s mobile payment platform, is taking off in the United States, but such systems threaten to get in between banks and their customers, Mr. McKay told RBC investors and clients at a conference in New York.



    Though RBC would still be paid for transactions if it were to embrace the platform, the bank would lose an important connection to the customer that exists with other payment methods such as credit cards.



    “So we’re on a collision course,” Mr. McKay said, acknowledging that taking on the technology behemoths is not something even Canada’s largest bank would choose to do unless it was necessary.



    RBC is seeking an alternative where the bank can be at the top of the ecosystem, Mr. McKay said, adding that banks have an edge right now through customers’ trust and a reputation for security with their money.




    “Trust and security are key assets. They buy us time,” he said.

     

    I would call him a complete fucking moron, but that would be an understatement. "Top of the ecosystem"? Their mobile app is amateur trash that hasn't even been optimized for the iP6 yet. RBC has an "edge" by not supporting Apple pay? "Collision course"? What does he think he's gonna do, develop an Apple Pay competitor? When it comes to transactions, I want my bank like to be like my carrier- to get the **** out of the way and let those who know what they're doing take care of that layer. I don't want you to be at the "top of the ecosystem". What a short sighted fool. If his head wasnt stuck so far up his ass he would be embracing Apple Pay, not fighting it, and hurting the customer. 

  • Reply 17 of 22
    Quote:

    Originally Posted by vmarks View Post

     

    Not only does he not understand how ApplePay is more secure, and how banks still remain at the top of the ecosystem, he's being dumb about mobile.

     

    People have great relationships with their mobile devices, using them hundreds of times a day. They have far less frequent interactions with their banking institutions, and not all of those interactions are pleasant. (Overdraft fees, limits on mobile transfers, security issues (debit fraud / ID fraud / stolen CC number)...

     

    If this fellow were smart, he'd get in front of mobile. So many financial institution apps are awful. Why doesn't he make theirs best in class? Why doesn't he get on board and put his bank on the phone people already love, in every way possible, including ApplePay?

     

    Security and trust are key assets. Banks don't have a lock on those.

    People don't trust their banks when the experiences are awful, when the fees are plentiful, and the news is full of banks in general getting away with crimes (Hello, HSBC.)

     

    This guy would be left behind already if his bank weren't so large.


     

    Nobody trusts the big banks in Canada.  They all have no problem ripping off their "clients" to get an extra zero on their profit sheet.  See their collusion with the Interact system.

     

    What the Apple Pay system also eliminates is the banks visibility into what you are purchasing.  And he really wants that, because he sells that information for...more money.

  • Reply 18 of 22
    Nobody trusts the big banks in Canada.  They all have no problem ripping off their "clients" to get an extra zero on their profit sheet.  See their collusion with the Interact system.

    What the Apple Pay system also eliminates is the banks visibility into what you are purchasing.  And he really wants that, because he sells that information for...more money.

    Say what? The banks are the ONLY ones who see your purchases. The merchants and Apple don't.
  • Reply 19 of 22
    jbdragonjbdragon Posts: 2,246member
    Quote:

    Originally Posted by paxman View Post



    Meanwhile in Canada the 7.5 million a year CEO of RBC sees his bank as being in a collision course with Apple (and Google).



    "Dave McKay, the chief executive of Royal Bank of Canada, says the bank is on a “collision course” with the likes of Apple Inc. and Google Inc. as customers begin to fully embrace mobile banking.



    Apple Pay, the smartphone giant’s mobile payment platform, is taking off in the United States, but such systems threaten to get in between banks and their customers, Mr. McKay told RBC investors and clients at a conference in New York.



    Though RBC would still be paid for transactions if it were to embrace the platform, the bank would lose an important connection to the customer that exists with other payment methods such as credit cards.



    “So we’re on a collision course,” Mr. McKay said, acknowledging that taking on the technology behemoths is not something even Canada’s largest bank would choose to do unless it was necessary.



    RBC is seeking an alternative where the bank can be at the top of the ecosystem, Mr. McKay said, adding that banks have an edge right now through customers’ trust and a reputation for security with their money.



    “Trust and security are key assets. They buy us time,” he said.

     

    Does this guy even know what he's talking about?  You're using the Banks own Credit Cards or Debit Cards. Cards that Pop up on the screen virtually.   How in the world does this really change anything for the banks?  It doesn't, other then less fraud for them!!!  Which means happier customers!!!! 

  • Reply 20 of 22
    jbdragonjbdragon Posts: 2,246member
    Quote:

    Originally Posted by Dunks View Post

     

    I really thought this would be in Australia by now. Compatible EFTPOS terminals have already been rolled out extensively and there are only a handful of major banks that would need to support it at launch all of whom have expressed interest. At least the NFC is locked down watertight so we don't have to deal with every bank trying to roll out a flustercuck of mediocre propriety versions.


     

    There's a lot to do to get Apple Pay working.  Maybe Apple has been working on it?  Maybe there's country issues, laws in place to make it hard, or they are fighting Apple.  Who knows what's going on behind the scene.  Apple is not going to say anything until it's ready to go.  I'm surprised Canada is not ready to go yet.   I hear they have NFC in like 90% of the businesses.  That's a far, far higher average then here in the U.S.

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