Fifty one new banks and credit unions join the Apple Pay family
The new financial institutions include Achieve Financial Credit Union, Advantage Federal Credit Union, Alloy Federal Credit Union, Altoona First Savings Bank, Altura Credit Union, Amalgamated Bank of Chicago, Associated Credit Union of Texas, Bank of Ann Arbor, Beehive Federal Credit Union, Brand Banking Company, Business Bank of St. Louis, Capitol Credit Union, Charlotte State Bank & Trust, Citizens Bank (AL), Citizens Savings Bank, Community Credit Union, Credit Union of Texas, Earthmover Credit Union, Employment Security Credit Union, Family Trust Federal Credit Union, First Community Bank of Beemer, First Interstate Bank, First Service Federal Credit Union, First State Community Bank, Fort Community Credit Union, Georgia Bank and Trust, HomeStar and Financial Services, Houston Highway Credit Union, IDB-IIC Federal Credit Union, Katahdin Federal Credit Union, Lion's Share Federal Credit Union, Mainstreet Community Bank of Florida, Marine Bank & Trust, Marine Federal Credit Union, Monona State Bank, Navy Army Community Credit Union, Northway Bank, Plaza Park State Bank, Reliant Community Credit Union, Security Bank and Trust Company, Silver State Schools Credit Union, Spencer County Bank, Summit Community Bank, Sundance State Bank, The Commerce Bank of Washington, Tioga State Bank, Torrance Community Credit Union, Total Community Credit Union, Triangle Credit Union, United Community Bank and USNY Bank.
On the other side of the equation, retail operations like Cinnabon, Chili's, Domino's, KFC and Starbucks will be added sometime this year. Apple gets a percentage of the value of each credit card transaction that goes through Apple Pay. It also gets a flat rate payment when a debit card is used with Apple Pay.
One of the reasons why Apple is so keen on launching a lower priced 4-inch iPhone model is to expand Apple Pay into emerging markets. The rumored Apple iPhone 5se is said to come with NFC so that it can work with the mobile payment service.
source: Apple via MacRumors