Business Partners Informing Credit Unions About Apple Pay
September 16, 2014
September 16, 2014
Apple’s October launch of Apple Pay, a new mobile payments system, has consumers rushing to put in their orders for new iPhone 6 and 6 Plus smartphones, while financial institutions gear up to support the program.
Member Access Pacific (MAP) has already messaged its partners about the Apple Pay revolution.
“With the launch of Apple Pay, we are beginning to see a glimpse of the future of payments. This future involves your brands shifting from the plastic card in a consumer’s wallet to the screen of a mobile device or tablet,” said Cyndie Martini, president and CEO, in a message to credit unions. “Underpinning it all is the safety and reliability of the Visa network and our new offering called the Visa Token Service. In time, this service is expected to allow Visa Inc.’s financial institutions, regardless of size, to securely link Visa digital accounts to Apple Pay, enabling their customers to make in-store and in-app purchases at select merchants.”
Martini announced at the Map Conference in Portland last week that her team will provide a timetable and more information to credit unions within the coming week.
CO-OP Financial Services has prepared an FAQ document about Apple Pay, and will host a free webinar on Wednesday, September 24 on “Tokenization, NFC and Apple Pay.” The webinar is scheduled at 10 a.m. Pacific Time. Presenters include Michelle Thornton, manager, Core Products, and Caroline Willard, executive vice president, markets and strategy. Interested credit unions are invited to register online.
Apple Pay will include a number of advanced security measures. Apple says that customers’ credit card information will not be stored on iPhones or on the company’s servers. And when making purchases with their iPhones, customers will first have to authenticate their identities using the phone’s built in fingerprint scanner.
If a phone is lost or stolen, there will be no need to cancel credit cards, said Apple, because card information is not stored on the phone. And all payments using that phone can be stopped by using Apple’s Find My iPhone software.
Apple Pay will rely on near-field communication (NFC) technology, which will be included in the new iPhones. The Apple Watch, slated to launch early next year, will also include NFC technology and allow customers to use Apple Pay in stores.
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