CUPERTINO, Calif.--Apple Inc. has announced that eight more credit unions have now been approved to participate in its Apple Pay mobile payment program. The eight: Security Service Federal Credit Union, Partners Federal Credit Union, Virginia Credit Union, Consumers Credit Union, Cyprus Federal Credit Union, Mountain America Credit Union, Customers Credit Union, and Fairwinds Credit Union.
According to Apple, those credit unions could bring as many as two-million new users.
Credit unions have been aggressive in signing up for the service, with the company saying that more than half of all financial institutions that have been approved or are in the queue being credit unions.
According to analysts, while the number of merchants with Apple Pay-accepting terminals in place remains relatively low, volume is gaining traction. Payments made via Apple Pay—which requires users to have certain model iPhones--accounted for 0.1% to 1.6% of transactions at the top five retailers during the month following the launch of the feature.
To use Apple Pay a user must have an iPhone 6, iPhone 6 Plus and, upon availability, the new Apple Watch. Within apps, Apple Pay is compatible with iPhone 6 and iPhone 6 Plus, iPad Air 2 and iPad mini 3.
“Our current and future members expect us to offer the latest in mobile payments and security, and being able to offer them Apple Pay as another payment option is a key part of our ongoing commitment to meeting their needs for relevant, timely and convenient services,” said Jane Watkins, president/CEO of Virginia Credit Union, in a statement released through PSCU, which has two member-owner CUs among the eight new CUs approved for Apple Pay. “This is a major project with many moving parts that we could not accomplish without the resources of a partner like PSCU.”