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Banks, retailers sign to work with Apple Pay

Banks, retailers sign to work with Apple Pay

NEW JERSEY: Countless number of banks and retailers have signed on in recent weeks to work with Apple Pay, Apple’s mobile payment platform that allows users to pay for things by tapping their phones at a point-of-sale terminal, Apple announced Tuesday, according to The New York Times.

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.

Apple hasn’t been too specific about how much the platform has caught on, but retailers have put up some numbers that hint at Apple Pay’s success. McDonald’s, for one, said that Apple Pay accounted for 50% of its mobile payments in November, according to the Times.

Even though Apple Pay isn’t quite ubiquitous, it seems that the digital wallet is catching on a bit more than its competitors, Google Wallet and Softcard, which hit the market earlier. Apple does fancy itself as the company that perfects technology rather than rushing out the gate. Maybe it’s working.