Commerce Bank has adopted Apple Pay
Commerce Bank has announced that it has partnered with Apple to support the company’s new payment service, called Apple Pay. Through this partnership, the bank will begin offering its customers access to the Apple Pay service, allowing them to make purchases from their iPhone device. Apple Pay already found significant support from the retail industry, with many large brands supporting the service. Financial institutions are beginning to show more interest in the service as it becomes more popular with consumers.
Apple Pay manages to find significant success with retailers and online merchants
Apple Pay launched in September of this year and has generate a significant amount of momentum in the U.S. mobile payments market. Though the service is only accessible through the new iPhone 6 and iPhone 6 Plus, it has managed to find success with a wide range of consumers. More than 220,000 retail and restaurant locations currently accept mobile payments made through the Apple Pay service. This number is expected to grow as demand for mobile commerce service grows among consumers.
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Consumers are becoming more mobile, forcing banks to adapt or be left behind
Commerce Bank sees significant potential in the mobile commerce market. A growing number of consumers are using their mobile devices to shop for and purchase products online and at physical stores. They are also using mobile applications to manage their money more effectively. Mobile wallets, applications that can store financial information and data from retailers, have become quite popular among consumers, leading many banks to offer such apps in order to engage the mobile audience.
Apple Pay continues to face strong competition, despite initial success after September launch
Though Apple Pay has found initial success, it still faces significant competition in the mobile payments space. Several startups have emerged with promising mobile platforms that could become more attractive to consumers in the coming years. Moreover, no single mobile payments service has found mainstream success, as consumers have shown to use multiple services that meet their needs at any given time.