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Apple Adds Eight New Financial Institutions to the Apple Pay Ranks

Apple Adds Eight New Financial Institutions to the Apple Pay Ranks

Eight new financial institutions have joined the ranks of the Apple Pay mobile payments system, bringing the number of participating banks and credit unions to 39. Apple Pay debuted in October of 2014.

Apple Adds Eight New Financial Institutions to the Apple Pay Rolls

AppleInsider:

Leading the list of new partners is Security Service Federal Credit Union, one of the largest credit unions in the United States. Originally formed to serve members of the U.S. Air Force Security Service, SSFCU now counts some 925,000 members across Texas, Colorado, and Utah with more than $8 billion in assets.

Also joining the Apple Pay ranks are Partners Federal Credit Union — serving nearly 100,000 Walt Disney Company employees, cast members, and their families — Consumers Credit Union, Virginia Credit Union, Cyprus Federal Credit Union, Fairwinds Credit Union, Mountain America Credit Union, and regional bank Customers Bank.

The new institutions coming on board make Apple Pay available to as many as 2 million more new customers.

While banks have been eager to sign on, with only Bank of New York Mellon and HSBC out of the top 10 banks in the U.S. choosing not to join the Apple Pay ranks, major credit unions have been slower to come on board. SSFCU and Navy Federal are the only two Apple Pay participants that are among the top 10 credit unions nationwide by either members or assets.

Apple Pay hit the ground running in the U.S. in October, as it quickly grabbed 1% of all digital payment dollars in the month of November. While Apple Pay is currently only available in the United States, the company has plans to expand to other countries in 2015.

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