Apple Pay now covers 90% of U.S. credit card purchase volume


Apple in talks to bring Apple Pay to Israel
Apple Pay. Photo: Jim Merithew/Cult of Mac
Photo: Jim Merithew/Cult of Mac

Apple Pay’s list of supporters is continuing to grow this week, as Apple announced this morning that dozens of new banks, retailers, and start-ups have signed up to bring Apple’s mobile wallet to their customers.

The company’s new e-commerce product hasn’t even been out for two full months, but thanks to its aggressive launch, Apple Pay now supports so many credit cards and banks that it covers about 90% of the US credit card purchase volume.

The New York Times reports that Apple Pay is coming to ten new banks today, and starting on Friday, Orlando Magic basketball fans will be able to use Apple Pay at any of the Amway Center retailers and food and beverage stands.

“The new companies that recently agreed to work with the service include SunTrust, Barclaycard and USAA. Ten more banks, including TD Bank North America and Commerce Bank, will back the new form of payment on Tuesday. With the new additions, Apple says it supports the cards that represent about 90 percent of the credit card purchase volume in the United States.”

The CEO of the Orlando Magic told the Times that Apple Pay will speed up concession stand lines, which has been one of the biggest complaints from fans. Apple Pay launched in October and was also used by San Francisco Giants and Kansas City Royals vendors during the World Series.

Apple Pay has enjoyed early success at places like Whole Food, which reported that it now accounts for 1% of all transactions. McDonalds says 50% of all its mobile transactions are now made through Apple Pay, but for all the new supporters Apple’s signed up, it still has work to do with Best Buy, Walmart, Target, and other CurrentC members if it wants to make a bigger dent on mobile payments.

Source: NYT