More than 20 new banks and credit unions have implemented Apple Pay Mobile Payment Service for Master Cardholders.
The Mobile Payment Service is easy and secure and is growing at rapid pace.
Owners of the new iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3 can use their U.S. MasterCard consumer credit or debit cards from a list of banks and credit unions through Apple Pay.
Whenever users add a credit or debit card into Apple Pay, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on the device.
The actual card numbers are not stored on the device or on Apple servers making maintaining the security and privacy for the user.
Each transaction is authorized with a one-time unique security code.
MasterCard has also developed the MasterCard Nearby app so that the user can easily find merchants nearby that accept contactless payments.
Banks and credit unions supporting Apple Pay are BMO Harris, Cambridge Savings, Point Bank, US Bank, Sandy Spring Bank, KeyBank, GTE Financial and more.
MasterCard small business card from Bethpage Federal Credit Union or Navy Federal Credit Union can also now leverage Apple Pay.
“Consumers want to be able to shop where they want, when they want and how they want – and they want to do so with the confidence that their money is safe and secure no matter how they choose to pay,” said Matt Barr, group head, U.S. Emerging Payments MasterCard.
Last month, Marriott hotels in the US announced they will support Apple Pay beginning summer 2015 for check-in and check-out facilities.
Shilpa Khatri
editor@infotechlead.com
