- Apple Pay, and other mobile payment systems, are increasingly changing the face of financial marketing.
- Financial institutions are now developing marketing and advertising campaigns that include Apple Pay in order to appeal to a generation of spenders that have multiple accounts with multiple institutions.
- Credit cards have been the quickest to weave Apple Pay into its marketing—Capital One, Bank of America, Master Card, and Chase have all run campaigns that include the mobile payment system.
Financial institutions—and its marketing teams—have a challenging road ahead as consumer preferred payment methods continue to shift. Embracing Apple Pay, rather than competing against it, is the smart route to take. Now more than ever, financial marketers must be keeping their ears to the ground in case other mobile payment systems grow in popularity similarly to Apple Pay.
"Apple is doing a great job of branding some of the technology that banks already had, and now it’s up to the financial marketers to make that a new part of their business," A. Dawn Lesh, adjunct professor of marketing at New York University told Campaign Live.