Apple signs up 800,000 new Apple Pay members from Bank of America
While there are other mobile payment systems, most of them around for a longer time than Apple Pay, the latter has been promoted tirelessly by its partners including Bank of America and Capital One. Both banks have paid for prime time television commercials featuring the tap to pay system. The latest data shows that while Apple Pay has already taken 1% of the market, Google Wallet has 4%. But if the banks continue to market the system heavily, Apple will eventually surpass its rival. Right now the service works only with the Apple iPhone 6 and the Apple iPhone 6 Plus. Once the Apple Watch is launched, the system will work with the Apple iPhone 5s and the Apple iPhone 5 when paired with the timepiece.
Apple Pay currently works with 90% of the top credit cards in the U.S. by transaction volume. Over 500 banks support the service. Soon, Apple will be taking Apple Pay over the border to Canada with a launch in the U.K. expected in the first half of the year.