When Apple released Apple Pay in October of 2014, it became one of the most important product introductions for the company in some time. Managing to partner early with credit card companies Visa, MasterCard and American Express, Apple recently converted Discover, which will offer Apple Pay to its cardholders by this fall.
With the mobile payment market expected to grow from $12.8 billion in 2012 to $90 billion by 2017, coupled with the cachet offered by the premium Apple brand, even American Express has begun advertising that Apple Pay is “the next evolution of membership.” Being a member of the group is important, and the following institutions, retailers and mobile apps have adopted Apple Pay.
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Institutions From Big to Small Offer Apple Pay
Not only have the major credit card companies begun to offer Apple Pay, but a growing number of smaller institutions have as well. For example, last March, Pentagon Federal Credit Union rolled out Apple Pay on all of its PenFed Visa and American Express cards. Alliant Credit Union in Chicago is another.
Essentially, if you have a card issued by a participating financial institution, it can be added to your Apple Pay account and used wherever Apple Pay is accepted. Below is a list of additional banks and credit unions that are confirmed to offer Apple Pay as well:
(Click for a Full List of Banks and Credit Unions With Apple Pay)
Retailers Have Become Rapid Adopters
For Apple Pay to be meaningful for consumers, it must be adopted by retailers as well as the financial institutions that issue credit cards. A form of payment is only as useful as its breadth of acceptance. While Apple Pay hit some snags early after its introduction, the list of retailers now accepting Apple Pay is growing quickly. Below are just some of the thousands of retailers that accept Apple Pay:
Totally Virtual Ways to Pay
As shopping becomes an increasingly virtual experience, meaning more customers are shopping for goods and services through apps, the ability to pay for things from your smartphone has never been more important. According to a January report by mobile analytics firm Flurry, sessions on shopping apps grew by 174% in 2014. The ability to use Apple Pay to convert shoppers into buyers positions this Apple product in the middle of that growth. Below is a non-exhaustive list of retail apps that accept Apple Pay:
Apple Pay Can Be Declared a Success
While there was some doubt as to whether Apple Pay could find success in digital wallets – where many others had failed before it, there is no longer any doubt that it has become a huge success for Apple and its partners. The ranks of Apple Pay partners continue to grow each day, and the premium image of both Apple and the mobile payment system remain strong. As was the case when Apple introduced the iPod and the iPhone, Apple Pay is redefining the entire product segment.
This article originally appeared on GOBankingRates.com: How Apple Pay Is Redefining Your Digital Wallet
This article by Douglas Ehrman first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.
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