The new companies that recently agreed to work with the service include SunTrust, Barclaycard and USAA, the Times said.
Ten more banks, including TD Bank North America and Commerce Bank, will back the new form of payment on Tuesday, the Times added.
With the new additions, Apple says it supports the cards that represent about 90% of the credit card purchase volume in the U.S., according to the Times.
Separately, Forrester analysts expect Apple Pay to reach $34 billion in e-commerce volume in the U.S. by 2019.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."