On the launch day of Apple Pay, NCUA Vice Chairman Rick Metsger said the majority of financial institutions involved with the technology are credit unions.
“An initial list of financial institutions signed-up for Apple Pay on its launch day reveals that more than two-thirds are credit unions,” Metsger said in a keynote address to the American Institute of CPAs' annual conference on credit unions in Denver Monday.
“This demonstrates that America's credit unions are ready, willing and able to meet the needs of American consumers for secure mobile payment systems,” he added.
To date, Apple has not publicly released the names of participating financial institutions. However, a list recently surfaced on Quora, a user-sourced question and answer website. The unsourced list showed that the majority of the more than 500 financial institutions listed are credit unions.
Executives at four credit unions on the list confirmed with CU Times they had signed with Apple, but asked not to be named citing confidentiality agreements.
Apple Pay, Apple's new mobile payment system that rolled out Monday, is only available on the new iPhone 6 and 6 plus as well as the iPad Air 2 and iPad Mini 3.
Owners of the iPhone 5, 5c or 5s will have to purchase an Apple Watch to utilize the technology since it requires a device with a build-in NFC chip, according to the company.
Consumers can use Apply Pay at 220,000 stores, including McDonalds, Whole Foods and Panera Bread, Apple said.
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