Apple Pay now boasts more than 500 US banks thanks to latest round of additions

Posted:
in iPhone edited September 2015
Apple on Tuesday added 46 US banks to its list of Apple Pay backers, putting the total over 500 for the first time as it prepares to roll out a series of further improvements to its mobile payment platform.




Some important firms in the update include Citizens Bank, E-Trade Bank, and the credit unions for MIT, Johns Hopkins, and McGraw-Hill. Many of the new issuers are highly localized, such as Austin's Amplify Federal Credit Union.

The update is Apple's first since its Sept. 9 press event. That day, Discover announced that its credit cards would be ready for Apple Pay on Sept. 16, alongside iOS 9. On Sept. 11, U.K. banks Lloyds, Halifax, and the Bank of Scotland joined the platform.

When iOS 9 debuts it will usher in other important changes, for instance renaming the Passbook app to Wallet, and implementing support for store credit and rewards cards. iPhone owners will also be able to open Wallet by double-tapping the home button when their phone is locked.

The complete list of new U.S. banks includes:
  • Amplify Federal Credit Union
  • Bank of the Ozarks
  • Branch Banking & Trust
  • Bridgehampton National Bank
  • Capital Educators Federal Credit Union
  • Centra Credit Union
  • Charlotte Metro Credit Union
  • Citizens Bank
  • Coastal Federal Credit Union
  • Credit Union 1
  • Dollar Bank, FSB
  • Eglin FCU
  • E-Trade Bank
  • First Community Bank
  • First Community Credit Union (OR)
  • First Florida Credit Union
  • First National Bank of Waseca
  • Floridian Bank
  • Georgia United Credit Union
  • Johns Hopkins Federal Credit Union
  • Kennebunk Savings Bank
  • Kirtland Federal Credit Union
  • Leaders Credit Union
  • Maine Savings Federal Credit Union
  • McGraw-Hill Federal Credit Union
  • Merchants Bank
  • MIT Federal Credit Union
  • National Penn Bank
  • Navigant Credit Union
  • Nodaway Valley Bank
  • Nymeo
  • OU Federal Credit Union
  • Pacific NW Federal Credit Union
  • Power Financial Credit Union
  • Seaboard Federal Credit Union
  • SECU of Maryland
  • Southern Security FCU
  • Southwest Financial Federal Credit Union
  • Sterling Federal Bank
  • The Cape Cod Five Cent Saving Bank
  • The Focus Federal Credit Union
  • Trupoint Bank
  • UBI Federal Credit Union
  • Vinton County National Bank
  • Watertown Savings Bank
  • Xceed Financial Federal Credit Union
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Comments

  • Reply 1 of 27
    Still no Royal Banks of Missouri. (Sigh)
  • Reply 2 of 27
    mac_128mac_128 Posts: 3,454member

    Just out of curiosity, how many US Banks and Credit Unions are there? What percentage does this cover so far?

  • Reply 3 of 27
    rob55rob55 Posts: 1,275member

    Give me more places that take it, and consistency with how the transactions are handled. However, with the rollout of the 6s and 6s Plus, we'll at least see a dramatic increase in the number of iPhones compatible with Apple Pay. 

  • Reply 4 of 27
    mike1mike1 Posts: 2,597member
    Quote:

    Originally Posted by Rob55 View Post

     

    Give me more places that take it, and consistency with how the transactions are handled. However, with the rollout of the 6s and 6s Plus, we'll at least see a dramatic increase in the number of iPhones compatible with Apple Pay.


    Agreed. Attempted to use at Rite Aid the other day and the terminal insisted I enter the PIN for my debit card. Clearly something was amiss.

  • Reply 5 of 27
    Really don't care about adding "500 Banks"; now if we can add 500+ retailers that accept Apple Pay, that would be a better outcome. I realize that retailers will be updating their credit card terminals soon, however the rollout for more retailers has been slow. All I have around here are McDonalds, Panera, Wallgreen, and Staples. There's no Whole Foods, have Fresh Market & Publix. Also wondering if Gas Station payment terminals are getting the upgrade from the swipe/insert process that we're using currently?
  • Reply 6 of 27
    There might be larger ones, but TD Bank is a glaring hole so far. Covering the whole Bos-Wash corridor, it ought to be on this list but isn't.
  • Reply 7 of 27
    lkrupplkrupp Posts: 8,999member
    Quote:

    Originally Posted by mike1 View Post

     

    Agreed. Attempted to use at Rite Aid the other day and the terminal insisted I enter the PIN for my debit card. Clearly something was amiss.




    Something Apple has little control over. Merchants are implementing the feature as they see fit with their own internal policies. I made a $10 purchase at my local grocery store with my Apple Watch and my bank debit card. The POS (point of sale) terminal made me sign my name too. Stranger still that purchase was made on 8/28 and has yet to show up on my account statement almost three weeks later. 

  • Reply 8 of 27
    There are 6,323 FDIC-insured institutions (according to the FDIC.gov web site)....a lot more to go to get all of them onboard.
  • Reply 9 of 27
    Quote:

    Originally Posted by mike1 View Post

     

    Agreed. Attempted to use at Rite Aid the other day and the terminal insisted I enter the PIN for my debit card. Clearly something was amiss.




    That's how ApplePay works with Debit Cards.  It requires the PIN just as your card would when using the Debit option which is the default.  You can optionally press "Credit" on the POS Terminal to force it to use Credit instead on your Debit card and then the PIN is not required.  

  • Reply 10 of 27

    TD Bank has been accepting ApplePay for it's cards for a while now.  I think it was in December 2014.

  • Reply 11 of 27
    maltzmaltz Posts: 231member
    Quote:

    Originally Posted by TonyPie View Post



    Also wondering if Gas Station payment terminals are getting the upgrade from the swipe/insert process that we're using currently?

     

    Yes, but they get an extra two years to comply.

  • Reply 12 of 27
    I was very excited to see my CU start supporting ? Pay on 8/28/15 this year????????????. It's been fun to use. Now we just need to reduce some of the extra confirmations the terminal prompts for after waving my ? Watch or iPhone.
  • Reply 13 of 27
    mac_128 wrote: »
    Just out of curiosity, how many US Banks and Credit Unions are there? What percentage does this cover so far?

    As ChrisInMI said above... there are 6,323 banks in the US.

    However... that number does not include credit unions. There are also 6,557 credit unions in the US.

    So that's a grand total of 12,880 in the US. So yes... Apple has a long way to go if you look at individual banks and credit unions.

    What I'd be interested in knowing is how many people have access to Apple Pay.

    If you looked at the top 10 US banks who offer Apple Pay... that's likely a huge amount of the US population. Think of how many customers use Wells Fargo, JPMorgan, Bank of America, etc.
  • Reply 14 of 27
    I'd love to see ATMs accept Apple Pay. Just walk up to an ATM with your iPhone or Watch which will authenticate you in way those devices do, and then it will ALSO ask for your PIN at the ATM for an extra level of security, then you can make deposits, withdrawals, transfers, and anything else you can do at an ATM with your card. I want this even though I'm not one to use an ATM often as 1) I prefer not to carry cash on me, and 2) my branch is a 2 minute walk away and I like going in because the girls are cute, but for the average person to see Apple Pay support at ATMs would be a huge win for helping make Apple Pay front and center in the average user's mind. Even now, when I go to a places that do accept Apple Pay and have since day one, I still encounter people that say "I'm not sure that works," or, more likely, ask in amazement, "What did you just do?" Just yesterday at a Subway someone said, "Oh, you're using Apple Pay. One moment." They the went to the back to get the manager to show them how to do it even after I said, "Just ring up your normal way and it will work just fine." More education, more awareness, and more in-your-face availability, which is why I think NFC receivers at ATMs could help from the banking side.

    I would also like multinational financial institutions to create a third level of card availability after [I]card present[/I] and [I]card not present[/I] to indicate the extra security and therefor the lowered risk involved for banks, which then will include a lower usage fee for retailers to help push retailers to install terminals that support NFC and advertise it as such.
  • Reply 15 of 27
    Quote:

    Originally Posted by ChrisInMI View Post



    There are 6,323 FDIC-insured institutions (according to the FDIC.gov web site)....a lot more to go to get all of them onboard.



    FDIC are only banks. NCUA lists an additional 6159 credit unions. Then you have bank-like accounts that are uninsured by themselves or insured via SIPC, stuff like Fidelity.

     

    On the other hand, a 3 branch credit union does not actually manage their own money. They are just a retail front. Their money is invested through a Corporate Credit Union (the two largest of which went bankrupt during the financial crisis and took bailout funds exactly like big banks). They also contract with a service provider to do cards, like Co-Op Financial Services, and one big one I can't remember the name of right now.

  • Reply 16 of 27
    Finally Etrade joins the party that is a biggy too, I Just signed up , now I can use my debit card without fear of it being compromised as easily by thieves
  • Reply 17 of 27
    Quote:

    Originally Posted by Maltz View Post

     

     

    Yes, but they get an extra two years to comply.


    not for inside , only extra 2 years for outside at the pump becausee it takes a while for the bluetooth to get installed on each and every pump.

  • Reply 18 of 27
    Quote:

    Originally Posted by mike1 View Post

     

    Agreed. Attempted to use at Rite Aid the other day and the terminal insisted I enter the PIN for my debit card. Clearly something was amiss.




    What's amiss are Democrats. Durbin Amendment: debit cards must be able to clear on two unaffiliated networks. The merchant sent your transaction to STAR, which can run over Apple Pay because it piggyback's on Visa's EMV system.

  • Reply 19 of 27
    Come on Bank of the West and Fidelity, get your heads out of your posteriors and start accepting Apple Pay. Just fire your lawyers to get them the hell out of the way.
  • Reply 20 of 27
    mike1 wrote: »
    Agreed. Attempted to use at Rite Aid the other day and the terminal insisted I enter the PIN for my debit card. Clearly something was amiss.

    if your Apple Pay card is a check card (does double duty as both a credit card and a debit card), the merchant may opt to run it as a debit rather than credit. debit cards still require PIN entry. there is nothing amiss.

    this has zero to do with Apple.
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