Apple Pay has added several new banks to their profile, making their position in the market even stronger than it was to begin with.
Apple Pay continues to grow and pick up steam in a market where it is already off to a very fast start. While nearly 500 million individuals still use Apple phones that don’t support the Apple Pay feature, more, and more banks are buying into the system believing that it will be something to be seriously reckoned with in the future.
Today, USAA, US Bank, and Navy Federal have all announced that they will be supporting Apple Pay starting today. Additionally, it’s been reported today that PNC, and M&T Bank have also joined the Apple Pay network, and that their banks are functioning with Apple Pay as well.
This is ahead of the confirmed date, which was November 7th for the rollout of this ability. Previously, customers did not expect to have that ability until the end of the week, but the companies have been working quickly to jump on board with Apple Pay, as many feel they’re going to be missing an opportunity if their customers begin demanding it quicker than expected.
Apple hasn’t updated their document detailing what was available; however, it is clear that the company is going to be adding several to this list by the end of the week. Previously, Apple had announced that they had gotten as many as 500 banks on board, and several are set to launch support in the coming weeks and months – something many customers have been waiting for.
Now though, for many becomes the waiting game. When will smaller banks begin to jump, and will those smaller banks jump at all? It’s a question that really has to be evaluated at a later date. However, American Express, Bank of America, Capital One, Chase, Citi, J.P Morgan, Merrill Lynch, US Trust and Wells Fargo are all on board with Apple Pay.
It would be presumable that the small banks that expect to continue competing with the larger banks would need to make a decision on getting on board soon, in order to get ahead of the curve, as fewer customers are using it right now.
It would be easy to assume that integration of Apple Pay would be considerably easier, when there are fewer users.