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Published On: Wed, Apr 5th, 2017

Apple Pay Adds Additional 22 Banks and Credit Unions to List of Partners

Apple (AAPL) has quietly updated their list of official Apple Pay partners, adding an additional 22 partners in the United States. Credit unions are among the banks added to the growing list of financial institutions that allow Apple Pay.

Apple has not responded to media requests on the additions.

The payment system allows users of an iOS device to pay for their goods at numerous major retailers and make in-app purchases, too. The platform works as an iPhone credit card reader where users hold their phone up to a credit card terminal to make payments.

Security measures use fingerprint technology to ensure that the owner of the device is making the purchase.

Available in select countries, the device won’t work on older iPhones or iPads, leaving many users from adopting the new payment system.

Payment information is stored on the device’s SE chip, allowing consumers to make payments even when Internet activity isn’t available. The iPhone doesn’t need to contact a financial institution for the payment to go through.

Credit and debit cards from the leading U.S. banks are accepted, including: Bank of America, Chase and Wells Fargo.

photo/ Michael Jarmoluk via pixabay

Apple Pay and Android Pay are becoming the “new debit card” due to advanced security features. Merchants are adopting the new technologies to curb the amount of cyber attacks and identity theft that have hit consumers hard over the years.

The chip holds an ID number, which is sent to an encrypted server to alleviate hacking attempts on the devices themselves. U.S. retailers have quickly adopted the new technology with over 4 million retailers offering Apple Pay compatibility. There are roughly 12 million retailers in the U.S.

Apple’s expansion of their payment system recently hit Taiwan in late March, as the company rolled out Apple Pay with support from seven banks in the country. The company’s platform will work with Visa and MasterCards at Taiwan’s “big four” banks.

Businesses that support NFC terminals will support Apple Pay.

Rumors of the company’s expansion into Taiwan first circulated in September of last year. The biggest hurdle that the platform faced was getting banks to approve the system.

Wells Fargo also announced that the company will allow Apple Pay ATM withdrawals later in 2017. The platform is more complex than what consumers are accustomed to when trying to withdraw money from their banks. Consumers will need to request an 8-digit access code using the Wells Fargo mobile app and enter the code when at the ATM.

The technology will only work at NFC-equipped terminals, according to Wells Fargo, or 5,000 out of 13,000 terminals across the country.

Apple’s payment system was also accepted by WePay, a company that competes against PayPal and Stripe. The platform will also allow Android Pay. The platform, which also runs GoFundMe’s payment platform, will allow consumers to make payments quickly using these two secure platforms.

Tim Cook, Apple CEO, states that the company’s Apple Pay platform has grown 500% in the last year, with 12 million users as of April 2016.

Android Pay is said to have a much slower adoption rate than Apple Pay.

Author: Jacob Maslow

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