“The list of companies working with Apple Pay continues to grow,” Mike Isaac reports for The New York Times.
“On Tuesday, Apple announced that in recent weeks the company had signed up dozens more banks, retail stores and start-ups to adopt Apple Pay, the company’s new e-commerce product, which allows customers to buy things with little more than a wave of their iPhone” Isaac reports. “The new companies that recently agreed to work with the service include SunTrust, Barclaycard and USAA. Ten more banks, including TD Bank North America and Commerce Bank, will back the new form of payment on Tuesday.”
“With the new additions, Apple says it supports the cards that represent about 90 percent of the credit card purchase volume in the United States,” Isaac reports. “Some industry watchers are bullish on what Apple may do for the mobile payments industry overall. One estimate sees United States mobile payments volume reaching $142 billion by 2019, according to Forrester Research. Much of that will be a result of Apple Pay’s effect on the industry, Denée Carrington, a Forrester analyst, said. Ms. Carrington expects Apple Pay to reach $34 billion in e-commerce volume in the United States by 2019.”
Read more in the full article here.
Yay, my bank Commerce Bank will be ready on Tuesday. Actually, they are ready now for Mastercard, but Visa will roll out next week.
Now if we can only get more *stores* to accept it….
Stores are in conversion mode, they will need to update gear to support the new smart (chip) EMV cards, which will also more than likely support NFC and Apple Pay if the retailer opts in..
Is MCX dead yet?
Dead? It has yet to be born. It will be DOA.
Untold billions will be spent on MCX just to spite AAPL.
WHO!?, in their right mind would authorize & allow ANY banking system to have unfettered access to their bank accounts, social security number and all other information that is a necessary “REQUIREMENT” to become a MCX member?
NO fckn’ Thank You. Stupid is as Stupid does.
Stillborn. Retailers will be forced to offer Apple Pay alongside MCX if it even makes it the stores or suffer even more boycotting. All payment options equal, MCX will NOT be the Chosen One, just the pariah with little fiscal oxygen to survive.
CurrentC will fail, but we’ll probably have to live with the stupid thing existing for at least a year before they pull the plug. When that much money is invested into something, that something is always at least tried.
They’ll roll it out. There will be some initial take up due to the novelty factor. When the novelty fades, CurrentC will just shrivel up and die. It’s death will be due in part to the unease people will have about linking checking accounts, but mostly because using a traditional card will be way easier.
You can’t compare Apple Pay, where you don’t even have to unlock your phone, to CurrentC, where not only do you have unlock your phone and launch the app, you have to scan a QR code. Talk about a pain in the ass! No one is going to want to bother with that.
But MCX will try desperately to keep it afloat. They will push discounts for using the app, which will negate the whole point of the app, which was to make the retailer more money by bypassing credit card fees.
CurrentC will die once retailers, fed up with the failure, begin leaving the consortium. I give it two years, tops.
——RM
I agree, in particular because Walmart is the big dog in the room, both with controlling the development and in providing the financial firepower and sales volume to keep it afloat even if it ends up being just a Walmart thing. But I don’t expect a ton of people to use it. I think we’ll see it come out, one of its members will get hacked fairly quickly, and people will shun it forever thereafter.
Well,well, TD Bank had so much backlash from its customers threatening to close their accounts they finally opted to go with Apple Pay. I’m a happy camper now and will try it shortly.
The power of consumers wanting/demanding transaction security is being felt and MUST be obeyed! And all will be well that ends Apple Pay well.
VERY HAPPY TD Bank finally joined the party! And just in time for my NYC trip this week! 🙂
I just want CVS to wake the hell up and turn NFC payments back on. I still have to get my prescriptions there and they are the closest convenience store to me. I don’t buy that their MCX membership is preventing them from allowing Apple Pay. If that were true, it would be more than just two drugstores making the news for turning off NFC.
——RM
It may be in their MCX membership agreement, but there are other retailers who are simply ignoring that provision. Plus, I don’t see legally how MCX could enforce the clause against any member because CurrentC isn’t even available yet, so showing any damages from accepting Pay is impossible.
Just checked my bank…
“Apple will determine our Apple Pay roll out date, which is likely to be early 2015.”
So is the rollout date Apple or the Bank? The bank says Apple.
I only say this, because when my bank says it’s Apple, I tend to think that they will say anything to look good.
Apple has to build in the bank’s verification procedures to Apple Pay. For example, adding my Citibank card required me to call a phone number and get a code to enter into the phone. My wife’s US Bank card, by contrast, only required her to enter the CVV code on the back of the card. Your bank is probably waiting on Apple to implement and test their verification.
——RM
I appreciate Subway Sandwiches accepting Apple Pay, but they really need to take their NFC terminals that someone from the 99-cent store sold to them and replace them with something that works.
It’s an exercise in frustration that often doesn’t work at all and makes Apple look bad.
Have you tried a different Subway? Perhaps it’s just one location’s equipment?
You are right! I have tried several times at different subways to use ApplePay but it doesn’t work! Makes me mad, so I pull out my America Express Card and pay. At least they will pay a higher transaction fee!
I’ve successfully used Apple Pay at two different Subways, so that equipment does work. It is a little odd, though, such a small reader.
——RM