The Have and Have Nots of Apple Pay

Is It Time to Cut Bait on Banks Excluded from Apple Pay?

Current Apple Pay entities are American Express, Bank of America, Barclaycard, Capital One, J.P. Morgan and Chase, Citi, M&T Bank, BofA's Merrill Lynch, Navy Federal Credit Union, PNC, Regions Bank, US Bank, BofA's US Trust, USAA and Wells Fargo. The books are not closed on Apple Pay. Apple itself has said it has 500 institutions in its queue. Some will come aboard in 2014, probably in the next four weeks, several sources said. But those sources -- executives in credit card processors who are working to get customers enrolled -- have controlled optimism. Some figure just a few dozen will be added before the year closes.

... roughly 12,500 institutions are excluded from Apple Pay. Such institutions may be in trouble. Chris Stulpin, a senior vice president at Pennsylvania-based Capital Markets Group, wrote in a recent research report, "Apple Inc. has potentially handed a major competitive advantage to the largest U.S. banks at the expense of their smaller counterparts.”
Comment: Image capture from CapitalOne360 website

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