Apple Pay Update: Banks Are Racing To Be The Default Card

Read original story on: The Verge

With Apple Pay officially going public yesterday, banks and credit card companies are now in a tight race to be the first ones you load onto your iPhone. For one thing, banks are keen to have their customers use a digital wallet over a credit card because it could save them the considerable cost of making, distributing, and replacing plastic cards.

More importantly, Apple Pay can work with multiple credit and debit cards loaded into Passbook. But most of the time people will probably be relying on the default card, avoiding the hassle of unlocking the phone and tapping around in Passbook. It’s no wonder banks are competing eagerly for prime real estate on Apple Pay.