Support Grows for Apple Pay

Apple has been busy adding more banks and retailers to its Apple Pay mobile payments service. SunTrust, Barclaycard, and USAA are among the companies that have recently decided to support Apple Pay. Ten more banks, including TD Bank North America and Commerce Bank, will also support the payments service as of Tuesday, according to a report from The New York Times.

The addition of these banks means Apple Pay can now support cards accounting for around 90 percent of all credit card purchases in the U.S. On the retailer side, Staples and grocery chains Winn-Dixie and Albertsons accept Apple’s payment service. Amway Center, home of the Orlando Magic basketball team, will also accept Apple Pay at concession stands starting Friday.

Apple Pay only accounts for a fraction of total transactions, but the service is building presence in a way that other mobile payments services have failed to do. The challenge for Apple will be continuing to convert supporters to its cause. That will be tricky, as some major retailers, including Rite Aid and CVS, are backing a rival service known as CurrentC. Whatever happens, the mobile payments industry is one to watch in 2015.

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