Apple Pay & small banks

[bmac4]

So I emailed my bank today and got the this response from them about Apple Pay

"Thank you for contacting AFB&T concerning the new Apple Pay that is releasing this week. At this time, AFB&T and parent company Synovus Financial, are not participating in the initial release of this product. If the app proves to be successful and secure, we may reevaluate our position.

If you have any further questions or concerns, please do not hesitate to contact me.".

Do you guys think this is going to be a common stance with smaller banks? If the national banks like Bank of American are on board why are these smaller banks holding out? It seems like if national banks feel like it is secure enough. The smaller ones would trust it. The national banks have way more customers to worry about.

 

[muggerfugger]

Apple Pay may costs to invest in. Smaller banks probably wont have enough members with iPhones to even utilize the service to even justify the investment.

I don't see the point of all banks using this service, since not everyone uses or wants an iPhone. I'm the only one i know who has an iPhone and i use a smaller bank in Kansas.

If you have a smaller bank, just use your credit card with Apple pay, and use your bank account to pay off the credit card at the end of the month. Also credit cards give you rewards usually so its better over all.

 

[myscrnnm]

Apple did announce during their keynote today that since announcing Apple Pay last month, over 500 banks have since signed on with the program. Given that type of adoption rate, I wouldn't be surprised if smaller banks trickle in over the next few months.

 

[bmac4]

Apple did announce during their keynote today that since announcing Apple Pay last month, over 500 banks have since signed on with the program. Given that type of adoption rate, I wouldn't be surprised if smaller banks trickle in over the next few months.

Yeah, and as the CS agent said in his response to me. They would review it if Apple Pay has success. Hopefully we will see success. The other issue is there are not very many places around here that even take NFC based payments.