Apple gives 2M more consumers access to Apple Pay with new credit union partnershipsEight new financial institutions have officially joined Apple's nascent mobile payments initiative, bringing the total number of participating banks and credit unions to 39 less than three months after the service's debut.
Leading the list of new partners is Security Service Federal Credit Union, one of the largest credit unions in the United States. Originally formed to serve members of the U.S. Air Force Security Service, SSFCU now counts some 925,000 members across Texas, Colorado, and Utah with more than $8 billion in assets.
Also joining are Partners Federal Credit Union —which serves nearly 100,000 Walt Disney Company employees, cast members, and their families— Consumers Credit Union, Virginia Credit Union, Cyprus Federal Credit Union, Fairwinds Credit Union, Mountain America Credit Union, and regional bank Customers Bank.
Together, the new partners could bring as many as 2 million more customers into the Apple Pay fold.
Major credit unions have been slow to sign on with Apple Pay, though credit unions do make up nearly half of the service's participating financial institutions. SSFCU and Navy Federal are the only two Apple Pay participants that are among the top 10 credit unions nationwide by either members or assets.
The picture is much different when it comes to banks. Only two of the top 10 banks in the U.S.— Bank of New York Mellon and HSBC— have chosen not to sign on, though both institutions have minimal retail banking presence in the country.
Apple Pay has steadily grown since its rollout in October of last year, accounting for 1% of all digital payments in November. The company is believed to be planning a worldwide expansion, likely to be based in its offices in London.