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The growing influence of nonbank companies poses a danger to the financial system, and perhaps a national security threat, BB&T's Kelly King says during a wide-ranging conversation among big-bank CEOs.
November 21 -
About 60% of the first cards loaded onto Apple Pay are Visa cards, and the card network plans to build on this beginning in an aggressive mobile commerce strategy, according to CEO Charles Scharf.
October 29 -
Apple Pay scooped up one million payment cards in its first 72 hours, 60% of which were Visa cards, but MasterCard's chief executive still expressed optimism for the payment network's chances in the rapidly shifting mobile landscape.
October 30 -
Apple's high-profile app could give mobile wallets the jump start they needed.
October 30 -
Even though Apple has more than 500 banks lined up to support Apple Pay, including heavyweights like Bank of America and JPMorgan Chase, some bank executives are taking a decidedly defensive stance.
October 22
Huntington National Bank in Columbus, Ohio, has announced plans to support Apple Pay.
The $64 billion-asset company said last Thursday that customers will have access to this service in the first quarter of 2015.
Apple launched its mobile wallet service on Oct. 20. More than 500 banks have
Apple Pay uses Near Field Communication technology at the point of sale and operates through the Passbook app to initiate online payments. Apple Pay also works for online payments through the iPad Air 2, which includes TouchID fingerprint scan authentication.
Huntington customers will be able to store and use their Huntington Voice credit card or debit card in a digital, tokenized form with their Apple mobile devices in order to pay for a transaction without revealing their name, card number or security code.
A million consumers signed up for Apple's mobile wallet in the first 72 hours after its launch. Apple Pay can currently be used at more than 220,000 stores and restaurants, including Macy's, McDonald's, Walgreens and Whole Foods.
"Apple Pay is another in a series of initiatives Huntington has undertaken to make banking easier, along with rolling out mobile deposit and Quick Balance, which allows customers to use their phones or tablets to find their balances fast," Mark Sheehan, executive vice president and payments and channels director at Huntington, said in a press release.