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CUs Renew Contracts as Apple Pay Turns Three

Three years later, the first credit union adopters of Apple Pay are now considering new contract terms with the tech giant.

By Tina Orem | Updated on October 03, 2017

Billed as a way customers can make “payments with the touch of a finger,” Apple Pay rocked the payments world on October 20, 2014, when it launched in the United States. Many financial institutions quickly began offering the technology to members — as well as paying Apple a rumored 15 basis points for every credit card transaction and half a penny for debit card transactions.  

Three years later, those financial institutions will likely renew their contracts, but there probably won’t be much upheaval in the terms or pricing, according to Lou Grilli, a self-described avid Apple fan and director of payments strategy at CSCU in Tampa, Florida.

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Tina Orem

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