Visa Inc. (NYSE:V), the global leader in payments, today announced that
eligible Visa cardholders in the U.S. will soon be able use Apple
Pay, Apple’s new payment service, to begin to make purchases at
select U.S. merchants with their new iPhone.
Starting October 20th, iPhone 6 or 6 Plus users with Visa
cards issued by Bank of America, Capital One, Citi Bank, Chase and Wells
Fargo Bank will be able to initiate mobile purchases with Apple Pay in
stores. Purchasing physical goods and services within apps, can be done
using iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3.
In addition, Barclaycard, First National Bank of Omaha, M&T Bank, PNC,
Navy Federal Credit Union, Regions Bank, USAA, and U.S. Bank are
expected to offer Apple Pay to their cardholders in the coming weeks.
This is in addition to the more than four hundred financial institutions
that Visa is working with to enable Apple Pay for Visa credit and debit
cardholders. For a full list of financial institutions planning to offer
Apple Pay to their cardholders please visit www.visa.com/applepay.
“Today marks a new era for Visa and the payments industry. Combining the
power, reach and security of Visa’s network with a new payment
experience from Apple will truly change the way people pay,” said Ryan
McInerney, President, Visa Inc. “And this is just the beginning. Visa
has built new technology that Apple has integrated into Apple Pay to
allow almost any merchant to offer great commerce experiences on any
mobile device, while delivering the trust and benefits that consumers
have come to expect from Visa.”
Visa cardholders making purchases using Apple Pay will enjoy all the
same benefits they have when shopping with traditional Visa credit and
debit cards, including advanced security coverage with real-time fraud
monitoring, zero liability protection for unauthorized purchases,
rewards programs, and international acceptance where merchants have
installed contactless terminals.
Setting up Apple Pay
If a Visa account holder is already a member of iTunes, the cardholder
can simply select the credit or debit card from their iTunes account as
the default for Apple Pay purchases. Alternatively, they can use Apple’s
iSight camera to capture their Visa card information or manually type in
their Visa payment card information. The first card added to Apple Pay
automatically becomes the default account; however the account holder
can go into Passbook at any time to change their default card or add a
new card.
Why Visa Payments with Apple Pay are Safe
When paying with Visa through Apple Pay, the account holder’s personal
account information, including the 16-digit credit or debit card number,
is never stored on the phone or by the merchant. Instead, Visa’s new
technology generates a unique digital account number that is a proxy for
the primary card number, and is used to facilitate the payment. Digital
account numbers are device-specific, meaning they are designed to only
be used to make purchases with a specific mobile device or phone. In the
event that the device is lost or stolen, the digital account number can
be disabled without the need to reissue the primary payment card.
Thanks to the use of digital account numbers, payments with Apple Pay
are private. Only the consumer’s bank has access to the transaction
details for billing, risk analysis and rewards management purposes.
How to Make a Payment with Apple Pay
Visa cardholders can make in store purchases with their iPhone 6 or
iPhone 6 Plus by holding the phone in front of a contactless reader and
placing their fingertip on the Touch ID to authorize the payment. More
than 220,000 merchant locations in the U.S. have installed contactless
readers. Visa account holders can also make purchases within apps using
iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3.
For more information please visit www.visa.com/applepay
or www.apple.com/apply-pay.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects
consumers, businesses, financial institutions, and governments in
more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world's most advanced
processing networks — VisaNet — that is capable of handling more than
56,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead of time
with prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa,
visacorporate.tumblr.com
and @VisaNews.
Copyright Business Wire 2014