Apple added 30 financial institutions to its Apple Pay platform recently bringing the total of new financial institutions for 2016 to 81. Apple is signing on new retailers every month. Chick-fil-A restaurants, Au Bon Pain restaurants, and Crate & Barrel stores. The Square has also rolled out an Apple Pay Reader for $49 which will reach even more small businesses.
Credit unions need to be aware that Apple is also looking to expand its footprint in financial services. There are rumors in the Apple world that Bank of America and Wells Fargo may be working on an Apple Pay supported ATM machine. Apple is also rumored to be working on a peer-to-peer lending payment system as part of Apple Pay.