Apple Pay Potential
by October 13, 2014 12:00 am 80 views
Apple fans who are customers of Fayetteville-chartered Arvest Bank will love this.
The state’s largest bank has signed an agreement with Apple that will eventually allow its debit and credit cards to be supported by Apple Pay. The new mobile payment system was announced Sept. 9 and works with the new iPhone 6 and iPhone 6 Plus.
The technology allows users to pay for products with the tap of a finger on a phone, instead of swiping a card.
Apple Pay currently supports credit and debit cards from the three major payment networks, American Express, MasterCard and Visa, issued by the most popular banks including Bank of America, Capital One Bank, Chase, Citi and Wells Fargo.
Naturally, other banks are scrambling to get involved (as are merchants, who need the compatible technology to accept the payment), and Arvest has the ball rolling.
There are several technical hurdles to get past, but Arvest customers may be able to use their iPhone 6 to pay for a bagel at Panera Bread by the end of the year.