September 10, 2015
Apple introduced Apple Pay on October 20, 2014. After almost one year, today Apple pay is one of the successful in-store payments systems in the world. Initially, there was a jitter among users and banks regarding contactless payments and the security, but today no one can shy away from the fact that Apple has done an exceptional job and has made contactless payments mainstream in the US.
When Apple Pay was introduced, it had three major card networks onboard: Visa, MasterCard and Amex.
In addition to American Express, Bank of America, Capital One Bank, Chase, Citi, Wells Fargo and others, more than 500 new banks from across the country signed on to Apple Pay. Apple pay was facing issues with retailers because of the Merchant Customer Exchange (MCX) which was developing CurrentC and realized Apple ...