Apple Pay claims to cover 90% of US credit card market

Apple Pay claims to cover 90% of US credit card market

Apple claims that banks representing up to 90% of credit purchase volume in the US are now signed up to its Apple Pay product.

Apple says that momentum for mobile payments continues to build, with dozens more banks, retailers and startups registering with Apple Pay over the past few weeks.

New banks onboard include SunTrust, Barclaycard and USAA, with a further ten financial services firms set to unveil their offerings this week.

In the retail sector, office supply chain Staples and supermarkets including Winn-Dixie and Albertsons will be hoping to emulate the experience of the likes of Whole Foods, which claimed to have processed over 150,000 Apple Pay transactions in the three weeks after its launch. And at Walgreens, a drugstore chain of more than 8000 stores, Apple Pay doubled the number of mobile wallet payments being made.

The Apple Pay effect on the mobile wallet market in the US has been described as a "rising tide that lifts all boats", by the boss of rival telco-backed wallet Softcard.

With momentum building, handset maker Samsung is understood to be in talks with payments startup LoopPay to license its technology and launch a rival to Apple Pay in the first half of 2015.

Comments: (1)

A Finextra member
A Finextra member 18 December, 2014, 12:17Be the first to give this comment the thumbs up 0 likes

Apple Pay is simply going to be humungous! I see it stoping nowhere anywhere around the globe.