Monday, January 19, 2015

BofA: 800,000 customers signed up for Apple Pay

Bank of America says about 800,000 of its customers have enrolled in Apple Pay, nearly three months after the Charlotte-based bank began making the service available.

The disclosure was tucked inside last week's press release for Bank of America's fourth-quarter earnings. To put that number in some perspective, Bank of America says it has approximately 17 million mobile users, of which 800,000 is only about 5 percent.

Apple's new mobile payments system allows shoppers to use their iPhones to make purchases at participating stores. The system, whose adoption is being closely watched by the payments industry, debuted in October.

Since then, some banks have scrambled to give their customers access to the service, at a time when consumers are expecting to do more and more on their mobile phones. Wells Fargo has even been promoting Apple Pay in advertisements in Charlotte.

(You can see which banks are participating in Apple Pay at this page on Apple's website. The list has only 39 banks, a number that took me by surprise as I was expecting perhaps more by now.)

According to a post earlier this month on, major credit unions have been slow to sign on with Apple Pay. Of the top 10 banks in the U.S., only two — Bank of New York Mellon and HSBC — haven't joined Apple Pay, according to

Bank of America's roll-out of the service hasn't been snag-free.

The same week Apple Pay launched, Bank of America disclosed that some of its customers were double-billed for purchases they made with the service.


Anonymous said...

It's also worth noting numerous retailers who previously were accepting NFC payments, like Apple Pay and Google Wallet, have stopped because they're trying to get consumers to adopt their own proprietary payment system called CurrentC.

I personally used to use my Google Wallet all the time at CVS only to find the reader disabled after Apple Pay was announced. Another example of greedy businesses hosing the consumer to save a few cents. Retailers claim it's a cost savings issue, as they want to find a way to bypass banking fees, but I'd bet my life none of that savings will be passed on to the consumer.

Anonymous said...

So-called savings are never, ever passed on to the consumer.

In like manner, companies don't give pay raises when they don't have to pay for health insurance.

All such claims are lies.

Anonymous said...

Why would any common sensed person, use APPLEPAY, when you have a debit card.

APPLEPAY, charges you a fee for using your own MONEY...Who's that DUMB?

Anonymous said...

RE: Anonymous 845

1. APPLEPAY does NOT charge you a fee for using it
2. It is MUCH safer than a Credit Card.
3. DUMB is posting without knowing what you are talking about.

Valen said...

Technology doesn't always make life easier. Apple pay or any other pay system is designed to make corporations rich not to make your life easier. BofA, AT&T, your doctors office, etc... all overcharge by design. I mean it's in their business plans. They know a lot of people will not even notice. Then they know they will get caught, slapped on the wrist and ordered to pay customer's back. But customers have to apply for fast loans online on good terms to get the money back most times, most forget or never get to it.