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Can Apple Pay turn it around? It's adding banks faster than users

By NexChange
FinTech

This week Apple Pay added 18 more US banks to its roster of Apple Pay card issuers. This is the best bit of news the infant digital payments platform has had since early last month when it was revealed Apple Pay adoption rates had suffered despite strong iPhone6 sales.

The survey – conducted by InfoScout and PYMNTS.com – revealed that the number of eligible Apple Pay users trying the service had dropped from 15.1% in March to 13.1% in June. Ouch.

Needless to say Apple has been hard at work to ratchet up these numbers. This is the second batch of 18 bank partners Apple has revealed inside a month, bulking up its partnership count by 36 over the past four weeks.

We can expect more announcements on September 9 when Apple holds its press event. According to AppleInsider, several changes to iOS 9 have already been confirmed , such as the Passbook app being renamed Wallet, and support for loyalty and reward cards being added to the platform. Here is full list of its recent bank additions:

AltaOne Federal Credit Union
American Bank of Commerce
Capital Bank, N.A.
Cardinal Community Credit Union
Del-One Federal Credit Union
Enterprise Bank and Trust Co.
Envision Credit Union
First Commonwealth Bank
First National Bank and Trust
First South Financial Credit Union
FirstMerit Bank
Fort Worth City Credit Union
Leominster Credit Union
Magnolia Federal Credit Union
Monticello Banking Company
Northfield Bank
Southern States Bank
Spire Credit Union

Apple is also expected to announce more bank partnerships in the UK where the contactless pay limit was recently upped to 30 pounds (about $46). With a November Canada launch also in the offing, Apple Pay may amaze us yet.
Photo: TheTruthAbout

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