The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Fintech: US banks fall for temptation of Apple Pay

US digital infrastructure far from ready; alternatives to mobile payments here to stay.

Another 46 US banks signed up to Apple Pay in September. Apple’s mobile wallet platform, launched last October, has now signed up 500 of the country’s banks, including the largest – but have they made a mistake?

The US is the first country to receive Apple Pay but its retail payments infrastructure is the least supportive of advanced digital wallet technology. Apple Pay and the US banks may be ready to go, but “if only 5% of places in the US accept NFC then it’s not yet at the forefront of consumers’ minds when they go to a merchant,” says Thiago Olson, chief executive of payments card, Stratos.

Chip and pin technology has only recently started to take off in the US, and near field communication (NFC) capabilities that mobile phones use for payments depend entirely on this Europay, Mastercard and Visa (EMV) standard. While chip and pin technology was mandated in several countries as a means for faster payments with a lower risk of fraud in face-to-face transactions, fraud has been less of an issue in the US, and the cost of moving to EMV technology has been considered too high.

Low values

That opinion has now changed.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree