MADISON, Wis. (1/29/15)--With Apple Pay accounting for two out of every three dollars processed through contactless payment systems, Apple CEO Tim Cook said Tuesday he is "more confident than ever 2015 will be the year of Apple Pay."
According to Apple's website, 54 credit unions and banks have adopted Apple Pay. On Tuesday Western Union announced thousands of its locations, as well as kiosks at more than 7,600 Walgreens and Duane Reade stores in the United States, would accept the service.
"You frankly don't want to be left behind," Paul Gentile, president/CEO of the Cooperative Credit Union Association, told the Boston Globe (Jan. 19). "You want to be where your members are."
Apple Pay will soon be in the hands of more California credit union members--through KeyPoint CU, Santa Clara, Calif., with $897 million in assets, the California and Nevada Credit Union Leagues reported.
"We're fortunate our members will probably be early adopters," said KeyPoint CU President/CEO Brad Canfield about his credit union's tech-savvy field of membership, which includes employees of Apple Inc. and other technology companies (In the News Jan. 27).
KeyPoint Chief Operating Officer Sam Tuohey hopes at least half of the credit union's 22,000 members who have active checking accounts are routinely using an e-wallet--probably Apple Pay--within two years.
He said a consensus on how early, or late, consumers will start ingraining the payments system into their shopping habits is constantly changing. For many financial institutions, 10% of their clientele will probably adopt Apple Pay immediately, and another 20% within six to 12 months. It's difficult pegging how long it will take others, Tuohey said.
"If we didn't introduce this as fast as we possibly could, some members would leave us," he said. "They can't understand why anyone would want to call their credit union or bank, or walk into one. They're the same super-early adopters of mobile banking and remote deposit capture."
Other credit unions that have recently signed up for Apple Pay include: