Banks set to embrace Apple Pay, shower customers with advertising
Apple Pay doesn’t officially launch until next month, but the media war between competing banks has already begun, according to the Financial Times.
Banks such as JPMorgan Chase, Capital One, and Wells Fargo are already running Apple Pay-centered marketing campaigns, with more partner banks expected to quickly follow.
“It’s a healthy competition,” says Kristin Lemkau, JPMorgan Chase’s marketing chief. She continues “You want to create an incentive for people to download their card in Apple Pay and use it as their default card.”
First announced earlier this month, Apple Pay is a mobile payment system that will work with the iPhone 6, iPhone 6 Plus, and Apple Watch. On ABC News, Apple CEO Tim Cook said that his company’s new service could put a “dagger” in traditional credit cards.
Apple Pay supports credit and debit cards from the three major payment networks, American Express, MasterCard and Visa, issued by Bank of America, Capital One Bank, Chase, Citibank, and Wells Fargo. Discover is expected to join the lineup too.
Banks coming soon include: Barclaycard, Navy Federal Credit Union, PNC, USAA, and US Bank.
Apple Pay will arrive on the iPhone 6 and iPhone 6 Plus next month through an iOS 8 update.
See also: NFC technology in iPhone 6 and iPhone 6 Plus enabled for use only with Apple Pay, Money should be safer than selfies, says PayPal in new ad swiping at Apple Pay security, and Merchants and apps that will accept Apple Pay.
