PSCU announced that members of 13 more of the CUSO's member-owner credit unions now have access to the mobile payment and digital wallet service Apple Pay.
Among those that now support the new digital payment platform are the $614 million 1st Advantage FCU in Yorktown, Va.; the $1.2 billion CAMPUS USA CU in Jonesville, Fl.; the $2.1 billion Citadel FCU in Exton, Pa.; the $5 billion Citizens Equity First CU in Peoria, Ill.; the $124 million Coastline FCU in Jacksonville, Fl.; the $532 million Community Choice CU in Farmington Hills, Mich.; the $957 million Hiway FCU in St. Paul, Minn.; the $92 million Illinois State Police FCU in Springfield, Ill.; the $396 million Lafayette FCU in Kensington, Md.; the $3.5 billion Lake Michigan CU in Grand Rapids, Mich; the $966 million Northrop Grumman FCU in Gardena, Calif.; the $692 million Truity FCU in Bartlesville, Okla. and the $939 million USAlliance FCU in Rye, N.Y.
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using the iPhone 6, the iPhone 6 Plus, the iPad Air 2, the iPad Mini 3, and other Apple Watch-compatible devices such as the iPhone 5 and later models. Apple Pay does not require Apple-specific, contactless payment terminals and works with Visa's PayWave, MasterCard's PayPass and American Express's ExpressPay terminals.
A total of 46 PSCU credit unions now offer Apple Pay. When members add a credit or debit card to Apple Pay, the actual card numbers are not stored on the device or on Apple servers. Instead, each transaction receives its own unique device account number. The device then encrypts and securely stores the number. Each transaction receives a one-time, unique, dynamic security code, instead of using the security code from the back of the card.
Apple Pay, like all mobile payment schemes, does have a blast-off problem – it has to get both consumers and merchants on board, and merchant interest depends on consumer interest. And, in the case of Apple Pay, there is another factor – access to iPhone 6 users. iPhone 6 customers will need an adequate number of hardware-enabled merchants on board to get them excited about dumping their plastics for Apple Pay.
AppleInsider recently spotted the addition of the 10 new retailers, including Acme, Davis Food & Drug, Firehouse Subs, GameStop, Luby's, Rubio's and T-Mobile. Additionally, basketball fans can now use Apple Pay to buy items at three arenas, including the Phoenix Suns' U.S. Airways Center, which made the list on Wednesday. The Apple Pay page currently shows 68 retailers who accept Apple Pay with 13 on the way.
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