DES MOINES, Iowa—The Members Group has enrolled 25% of its issuer clients in Apple Pay, accounting for roughly 10% of all financial institutions enrolled in the new payments solution, TMG said.
The company expects nearly half of its clients will be enrolled by mid-year.
Apple Pay adoption grew at a rate of 21% from March to April 2015. Of the total number of financial institutions live on Apple Pay, nearly 66% are credit unions, TMG reported.
“Apple Pay has been a good test of the credit union movement’s appetite for digital wallet solutions,” said Brian Day, TMG director of digital strategy. “Early-adopter clients have been ecstatic about rolling out Apple Pay and report similar enthusiasm for upcoming solutions like Samsung Pay and others.”
“In a recent client webinar, TMG’s digital and product teams asked nearly 50 attendees which mobile wallets their financial institution plans to implement in 2015. Eighty-three percent of respondents said they plan to implement Apple Pay.
Dupaco Community CU, Dubuque, Iowa, was the first of TMG’s clients to enroll in Apple Pay. Following an initial pilot with a select group of iPhone 6 users in December 2014, Dupaco completed a full rollout of the digital wallet to its members.
“The driving factor behind all of the technology we implement is to allow members to bank on their terms—do what they want, when they want, from where they want,” said Todd Link, Dupaco SVP of risk management and remote delivery.
Link says the enablement of Apple Pay and tokenization is just one component of a larger consumer-focused, high-tech enhancements strategy.
“Because of strategic partnerships with Visa, MasterCard and First Data, TMG clients can achieve Apple Pay and tokenization projects in less than 45 days,” said Day. “Of course, speedy enrollment is driven by the issuer’s ability to meet tight deadlines, as well as the readiness of their processing partners, including PIN networks.”