Regions Bank Adds Support for Apple Pay

[linuxcooldude]

I never said anyone "lied," so I am tired of having that word thrown back in my face. Perhaps you should take you own advice, and try reading and understanding what people say, and it wasn't that. Once again, for the cheap seats: The actual fact is, we don't know what Apple means by "signed up." We only know that these banks are not currently offering the product and we also can't be sure when or if they will. The other question I raised is whether small banks are on board. The evidence already supplied suggests that they are not flocking to Apple Pay because the terms favor the large banks.

Don't take the word "lied" as an accurate description of the situation or that it is your exact interpretation of what your implying. You can throw in a dozen words in to describe a more appropriate statement as you wish. Misinterpret, Misinformed and so on. I used lied as an extreme example in a worst case scenario of what Apple really means by "Signed Up" not indicative to any one person.

But looking on Visa's website of named banks does make it look legitimate.

 

[IJ Reilly]

Don't take the word "lied" as an accurate description of the situation or that it is your exact interpretation of what your implying. You can throw in a dozen words in to describe a more appropriate statement as you wish. Misinterpret, Misinformed and so on. I used lied as an extreme example in a worst case scenario of what Apple really means by "Signed Up" not indicative to any one person.

But looking on Visa's website of named banks does make it look legitimate.

The use of extreme examples to prove a point is called reductio ad absurdum. It's a logical fallacy.

Anyway, none of the actual points I've raised are being addressed, so perhaps it's best to just call it quits.

 

[linuxcooldude]

The use of extreme examples to prove a point is called reductio ad absurdum. It's a logical fallacy.

Anyway, none of the actual points I've raised are being addressed, so perhaps it's best to just call it quits.

As I've said before, insert the word of your choice, its all fine by me.

As far as your points being addressed...As far as everything I've seen with consumers, banks and credit card companies alike, have had nothing but intense interest in Apple Pay. All three of my banks have already advertised Apple Pay, even at the very early stages.

While you bring up small banks and financial institutions might not be onboard with it. I've heard nothing about this and would be interested in it myself if it has any legitimacy. But other then mentioning Apple PR, I'm not sure how you came up with that conclusion like that other then the smaller banks not adopting it yet.

 

[IJ Reilly]

As I've said before, insert the word of your choice, its all fine by me.

As far as your points being addressed...As far as everything I've seen with consumers, banks and credit card companies alike, have had nothing but intense interest in Apple Pay. All three of my banks have already advertised Apple Pay, even at the very early stages.

While you bring up small banks and financial institutions might not be onboard with it. I've heard nothing about this and would be interested in it myself if it has any legitimacy. But other then mentioning Apple PR, I'm not sure how you came up with that conclusion like that other then the smaller banks not adopting it yet.

This link was posted here already:

http://www.americanbanker.com/issue...uld-leave-smaller-banks-behind-1070051-1.html

I predicted nobody else would read it. You clearly did not, which presumably is why you've "heard nothing" about this.

 

[linuxcooldude]

This link was posted here already:

http://www.americanbanker.com/issue...uld-leave-smaller-banks-behind-1070051-1.html

I predicted nobody else would read it. You clearly did not, which presumably is why you've "heard nothing" about this.

Now that is an article that interests me. I missed the link actually or I would of read it. Probably not of heard of this because its not a widely known story, except on the one website.

Reading the article it is mostly speculative and still remains to be seen on how this effects smaller banks.

But traditionally bigger banks usually have some advantage over smaller banks, regardless of ApplePay or not. The same with any large, already established companies such as Apple, Google, Amazon over small startups companies. Its just the nature of the beast.

Looking at Visa's website that actually lists the banks who signed up is already past 500 banks. A lot of which are not necessarily big banks.

 

[IJ Reilly]

Now that is an article that interests me. I missed the link actually or I would of read it. Probably not of heard of this because its not a widely known story, except on the one website.

Reading the article it is mostly speculative and still remains to be seen on how this effects smaller banks.

But traditionally bigger banks usually have some advantage over smaller banks, regardless of ApplePay or not. The same with any large, already established companies such as Apple, Google, Amazon over small startups companies. Its just the nature of the beast.

Looking at Visa's website that actually lists the banks who signed up is already past 500 banks. A lot of which are not necessarily big banks.

Large banks have some advantages, community banks have others. For instance in any given market the community bank(s) may be making many of the small business and real estate loans that don't interest the larger banks. The concern being expressed here is somewhat more than speculative given what has occurred thus far.

The curious thing about the Visa list, last I checked it, is that around 80% of the "coming soon" banks are credit unions, and the balance appeared to be regional banks. For sure none included "community bank" in their names. Do we know precisely why? Obviously not, but the article provides some possible reasons why no community banks can be found on this list. It suggests that they are (1) not being actively approached by Apple to join, and/or (2) the terms they are being offered are not feasible for their business model. As I said before, I know some community bankers. I will have to ask them.

In any case, why no community banks are even on the "coming soon" list seems to be an important question. Personally, I don't see how Apple Pay is going to be a real success until community banks are in the system. They may not be big, flashy, or household names, but they form the backbone of the banking system.

 

[Michael Scrip]

The curious thing about the Visa list, last I checked it, is that around 80% of the "coming soon" banks are credit unions, and the balance appeared to be regional banks. For sure none included "community bank" in their names. Do we know precisely why? Obviously not, but the article provides some possible reasons why no community banks can be found on this list. It suggests that they are (1) not being actively approached by Apple to join, and/or (2) the terms they are being offered are not feasible for their business model. As I said before, I know some community bankers. I will have to ask them.

In any case, why no community banks are even on the "coming soon" list seems to be an important question. Personally, I don't see how Apple Pay is going to be a real success until community banks are in the system. They may not be big, flashy, or household names, but they form the backbone of the banking system.

Yes... most of the banks on the Visa "coming soon" list are credit unions.

But some of them are regular banks that have 10 branches or fewer.

Aren't those considered small banks?

And isn't that what you were talking about earlier? Small local banks vs big national banks?

Cross Keys Bank has 8 branches in Louisiana. First Bank of Dalton has 4 branches in Georgia. State Bank of Chilton only has 3 branches in Wisconsin. And all three of those banks have $200-300 million in assets. (for comparison... Wells Fargo has 6,350 branches nationwide... and a TRILLION dollars in assets)

But all three of those small banks are on the "coming soon" VISA/ApplePay list.

I know, I know... it doesn't count until they're active... point taken

But it looks like some small banks are at least interested in ApplePay.

My bank has 51 branches and over $2,000,000,000 in assets... but they are NOT on the ApplePay list. Does that mean they will never get ApplePay? I doubt it.

All I know is that this is a HUGE undertaking by Apple and hundreds, if not thousands, of banks. And it's something that's never been attempted at such scale. It will be very exciting to watch over the next 6-12 months and beyond.

And we haven't even begun to talk about ApplePay worldwide

 

[IJ Reilly]

Yes... most of the banks on the Visa "coming soon" list are credit unions.

But some of them are regular banks that have 10 branches or fewer.

Aren't those considered small banks?

And isn't that what you were talking about earlier? Small local banks vs big national banks?

Cross Keys Bank has 8 branches in Louisiana. First Bank of Dalton has 4 branches in Georgia. State Bank of Chilton only has 3 branches in Wisconsin. And all three of those banks have $200-300 million in assets. (for comparison... Wells Fargo has 6,350 branches nationwide... and a TRILLION dollars in assets)

But all three of those small banks are on the "coming soon" VISA/ApplePay list.

I know, I know... it doesn't count until they're active... point taken

But it looks like some small banks are at least interested in ApplePay.

My bank has 51 branches and over $2,000,000,000 in assets... but they are NOT on the ApplePay list. Does that mean they will never get ApplePay? I doubt it.

All I know is that this is a HUGE undertaking by Apple and hundreds, if not thousands, of banks. And it's something that's never been attempted at such scale. It will be very exciting to watch over the next 6-12 months and beyond.

And we haven't even begun to talk about ApplePay worldwide

Yes, those three would qualify as small/community banks. In between them and the large nationals are the regionals. So we will see how that goes. I will still ask some of my community banker friends how this looks to them.

FWIW, I was in a Office Depot today and when I checked out I asked the young woman at the check stand whether they were taking Apple Pay. She didn't seem to know quite what it was. Not that I could have used my small business B of A card there anyway. For some reason B of A is not currently allowing that type of card on Apple Pay.

 

[Michael Scrip]

Yes, those three would qualify as small/community banks. In between them and the large nationals are the regionals. So we will see how that goes. I will still ask some of my community banker friends how this looks to them.

FWIW, I was in a Office Depot today and when I checked out I asked the young woman at the check stand whether they were taking Apple Pay. She didn't seem to know quite what it was. Not that I could have used my small business B of A card there anyway. For some reason B of A is not currently allowing that type of card on Apple Pay.

It would have been funny if the girl said "Apple Pay? Is that like Google Wallet?"

I think it's gonna take a while to get all cashiers up-to-speed on this new technology. Apple Pay hasn't even been out a full month yet.

But every time I go into a Walgreens I ask if people have been using Apple Pay. It's a resounding "yes" at the Walgreens in my area. (Mooresville, NC... north of Charlotte)

 

[IJ Reilly]

It would have been funny if the girl said "Apple Pay? Is that like Google Wallet?"

I think it's gonna take a while to get all cashiers up-to-speed on this new technology. Apple Pay hasn't even been out a full month yet.

But every time I go into a Walgreens I ask if people have been using Apple Pay. It's a resounding "yes" at the Walgreens in my area. (Mooresville, NC... north of Charlotte)

Not very funny, no. I'd have made a fist but kept it in my pocket.

Apparently Walgreens is training their staff more quickly than Office Depot.