November 26, 2014
Apple Pay is built through great relationships with banks, retailers (not all) and partners. Apple Pay is revolutionary and consumers seem to be using it left, right and center. Apple Pay has entered the market with much fanfare. It is already showing scalable adoption across prominent merchants. Apple Pay has a very good headstart and their strategy of working with card networks and banks seems to be working.
Looking at Apple’s support page citing ‘Apple Pay participating issuers’, Apple Pay already works with most of major credit and debit cards from top U.S. banks. Banks are giving tremendous support to Apple Pay by either promoting it or joining the Apple Pay bandwagon. Here are two recent examples:
Commerce bank is now listed as one of the banks supporting credit card
Commerce Bank is currently supporting only MasterCard for Apple Pay. Commerce Bank joins other banks namely America First Credit Union, american express
Also, Chase bank is now heavily promoting Apple Pay. They recently debuted their first commercial featuring Apple Pay.
Here is an illustration of the ad:
The Ad highlights that Apple Pay is such a seamless method of making payments that it can be used effectively at small scale merchants as well. It’s not necessary that Apple Pay can steal the show only at big time retailers and brick-and-mortar stores of big brands.
Apple Pay's list of partner merchants is also growing day-by-day.
Apple Pay has also added a number of supported retailers and apps in recent weeks with the latest additions including Sephora, tickets.com, Disney Store app, and others.
Sephora rolled out Apple Pay service at some of its stores on November 21. According to Sephora, 70% of its customers are iPhone owners. Ticket.com, which provides ticketing technology solutions to its global, thousand-plus clientele, announced integration of its ticketing service with Apple Pay’s platform last week via a new app, The Bushnell. While Disney has already partnered with Apple to bring Apple Pay to its retail locations and is now bringing it as an in-app payment option for its iOS-based Disney Store app.
Apple Pay already represented around 1% of all Whole Foods transactions in just 17 days post Apple Pay’s launch on October 20th. McDonald’s also noted that an impressive 50% of its tap-to-pay transactions, since the release of iOS 8.1, came from Apple Pay. Apple recently announced the addition of more merchants to its expanding list. Some of these include Associated Food Stores, Shaw’s Supermarkets, Jewel Osco, Harvey’s, Winn-Dixie, BI-LO, Albertson’s and Instacart.