10 of Apple Watch's First Financial Apps
May 1, 2015 8:36 AM
Now that the Apple Watch has arrived, credit unions, banks and technology vendors are making a big effort on the wearable's small screen. Some are focused on alerts and budgeting; others take advantage of the device's unique hardware. (Image: Bloomberg News)
It may seem obvious, but putting Apple Pay on a watch is no small feat. It requires Near Field Communication hardware and a new approach to security. The watch uses sensors to detect when it is removed, and it will not allow the user to make payments until reauthenticating. (Image: Bloomberg News)
Credit unions were fast off the starting block, with a number of CUs launching apps for the Apple Watch the same day the tech giant rolled out its wearable device. Greater Texas FCU and its division, Aggieland, were among a handful of credit unions and banks worked with Malauzai Software for their smartwatch apps. Greater Texas also was selected to participate in a beta test of Apple Watch .
Alabama Teachers CU, Gadsden, Ala., is another credit union that worked with Malauzai Software to put together an app for the Apple Watch in time for the device's launch.
Charlotte Metro FCU, Charlotte, N.C., released its app for the Apple Watch in tandem with new enhancements to its mobile app for iPhone and iPad users, giving members the option of seeing their current balances without logging in, applying for a loan and seeing running balances on transaction history and loan payment due information.
The French company lets users approve P2P payments and make e-commerce purchases from notifications that appear on its Apple Watch. It also offers plugins so merchants can add a one-tap payment button to their websites and apps.
Citi was the first bank to announce an app for the Apple Watch. Its app, called Citi Mobile Lite, shows alerts and color-coded indicators of users' spending limits.
USAA has a well-earned reputation as an innovator in mobile banking, and it's bringing that expertise to Apple's new wearable. The USAA smartwatch app is also available on Google's Android Wear platform.
Personal Capital applies a timekeeping aesthetic to personal financial management. On the Apple Watch, the "progress bar" that shows how much of the Personal Capital user's budget is left is reminiscent of a watch face.
Wallaby Financial developed an app to show the user which credit card provides the best rewards for each purchase. Its Apple Watch app senses the user's location to suggest which card to use at nearby stores; the app also provides notifications.
SCVNGR's LevelUp announced plans back in September to support Apple Watch through new readers that can read NFC and Bluetooth signals. The company already has apps for Android and Pebble smartwatches, and it uses Apple's iBeacon to send notifications to LevelUp users through Apple's Passbook app.
