Apple Pay Extends to 2M More Consumers with new Credit Union Partnerships in the US

[RaduTyrsina]

Apple is extremely interested in expanding the coverage of its brand new Apple Pay payment system. That's why the company is trying to convince as many new partners as possible, so that more iPhone and iPad users can make use of the service.

Recently, eight new financial institutions have officially joined Apple's new mobile payments initiative, thus bringing the total number of participating banks and credit unions to 39. This is quite impressive, since there have been less than three months since Apple Pay was officially announced.

One of the most important new partners is Security Service Federal Credit Union, one of the largest credit unions in the United States. SSFCU was originally formed to serve members of the U.S. Air Force Security Service, but it now counts some 925,000 members across Texas, Colorado, and Utah with more than $8 billion in assets. Here's the rest of the new partners:

• Partners Federal Credit Union — serves nearly 100,000 Walt Disney Company employees, cast members, and their families
• Consumers Credit Union
• Virginia Credit Union
• Cyprus Federal Credit Union
• Fairwinds Credit Union
• Mountain America Credit Unio
• Customers Bank

The new partners could bring as many as 2 million more customers to the Apple Pay service. While major credit unions have been slow to sign on with Apple Pay, credit unions already represents almost half of the service's participating financial institutions.

But things are better for Apple when it comes to banks, as only two of the top 10 banks in the U.S. — Bank of New York Mellon and HSBC — have chosen not to sign on until now.

Source: Apple