Apple Stock News: Apple Pay Is Growing 2 Months In

Two months after its launch, Apple Pay has won over more banks while still seeking more success when it comes to retailers. Apple announced that they have reached agreements with ten more banks, and they now support cards that represent 90% of credit card transactions in the United States. Card issuers Barclaycard, SunTrust, and USAA are a few that joined the growing group of Apple Pay partners.

apple pay (12:17)

Apple Pay is the company’s first real foray into the world of mobile payments, The service is facing competition from a rival payment service, known as CurrentC, which works with a large number of retailers such as Rite Aid and CVS. For now, Apple Pay has advantages over this service, as they have fingerprint recognition and near-field communication support that make it easier to use. However, retailers lag behind banks and are not signing up for Apple Pay as quickly.

Besides the rival CurrentC, Apple Pay is also tasked with turning the concept of paying for items via your iPhone into something that is easy and convenient. Other services, such as Google Wallet, have tried to find success in the mobile-wallet market, but have not yet been able to make a dent. Apple will need to sign up more retailers to make Apple Pay a standard among iPhone users. Staples, Winn-Dixie, and Albertsons have all recently joined on, as has Amway Center, the NBA arena for the Orland Magic. The arena will accept Apple Pay for food and merchandise purchases..

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email