MOUNTAIN VIEW, Calif.—A new report is suggesting credit unions are rushing to sign on with Apple Pay, with CUs comprising the majority of institutions enrolled with the new payments alternative, according to a website that purports to have a list of those institutions.
Apple Pay launched Oct. 20, and while Apple itself has not released the list of participating financial institutions, a report at www.quora.com shows possibly more than two-thirds are CUs. The veracity of the Quora data could not be confirmed.
Among the CUs listed are Alaska USA FCU, BECU and Numerica Credit Union.
Navy Federal Credit Union in Vienna, Va., was the only credit union named by Apple in its initial official list of enrolled financial institutions.
Richard Crone, principal of Crone Consulting LLC, San Carlos, Calif., sees Apple’s solution as a bridge to where the bank or credit union needs to be with mobile payments.
“You need a vision for your mobile payments future,” offered Crone, saying Apple Pay plays a short-term role (http://www.cutoday.info/THE-news/Apple-Pay-What-To-Do-Not-Do).
Crone feels CUs have no choice but to enroll their BINs with the new payment method or risk being perceived by members as not responsive to the marketplace.
But the payments consultant emphasized that FIs must have, or begin forming now, a payments strategy to offer a digital wallet solution that allows for strong credit union branding—protecting the relationship, the member data and revenue stream.