1,443 Financial Institutions Accept Apple Pay, Chase Pay at Phillips 66

There is an interesting reason for the widespread acceptance of Apple Pay among U.S. banks and credit unions that many Americans do not realize. Your Uncle Sam is partially subsidizing Apple Pay; by underwriting its insurance costs, through the Federal Deposit Insurance Corporation or FDIC.

The FDIC provides $250,000 in deposit insurance for every depositor at most banks and credit unions. That means it; and not Apple or the bank, might be responsible for the losses that might be incurred if Apple Pay failed or got hacked.

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