Credit unions quick to adopt Apple Pay

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Move solidifies their commitment to Mark SievewrightAs the iPhone® 6 made its way into the hands of tens of millions of consumers, it also heralded a fundamental change in the way consumers pay with its embedded Apple Pay™ capabilities.It may also provide the tipping point for widespread adoption of mobile point-of-sale payments, which could increase exponentially over the next five years.Apple announced recently that Apple Pay is doing well, with about 750 banks and credit unions signed up. The credit union movement’s commitment to remaining relevant and increasing its growth momentum is evidenced by the fact that, so far, credit unions represent 40% of the financial institutions that already support Apple Pay.Within applications like Apple Pay and in mobile payments more generally, it will be critical for the credit union’s brand and its payment capabilities to be “top-of-wallet” for members—not only to keep your credit union brand visible but to protect and increase interchange revenue streams.Once payment card information is stored in a mobile payment app or service it tends to stay there. In the case of Apple Pay, a card must have tokenization capabilities to be used through the service. continue reading »last_img

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