Banks race to gain Apple Pay advantage

12 years ago

“US banks are in a marketing race to persuade users to choose their cards as the default option under Apple Pay – the technology group’s mobile payments system launching next month,” Tom Braithwaite, Camilla Hall, and Tim Bradshaw report for The Financial Times.

“But while all the major banks have allocated large budgets to the battle, they do not have a free hand in what they can do,” Braithwaite, Hall, and Bradshaw report. “Marketing staff from the banks are due to meet at Apple’s headquarters in Cupertino on Tuesday, according to people familiar with the matter, to receive strict guidelines on how they can advertise Apple Pay to customers.”

“The largest card issuers – led in the US by JPMorgan Chase, American Express, Bank of America, Wells Fargo and Citigroup – are already eyeing the benefits of having users nominate their cards as the default card on Apple device,” Braithwaite, Hall, and Bradshaw report. “‘It’s a healthy competition,’ said Kristin Lemkau, chief marketing officer at JPMorgan Chase, which had commissioned advertising ‘creative’ material well in advance. ‘We wanted to be first to have our creative about Apple Pay launched on our mobile app, on our website, in the 5,600 branches, on our ATMs, and on our Times Square sign. We were up that night.'”

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