Apple Pay

Apple Pay Adds 20 More Financial Institutions, Slow in Brick-and-Mortar Staples Adoption

The ranks of Apple Pay partners swelled again today as Apple announced that it has added support for cards from 20 more financial institutions.

Apple Pay adds support for twenty new institutions.

Most notable among the new institutions are Morgan Stanley and Northern Trust. Banks that joined include Central Bank, Farmers & Merchants Bank of Long Beach, First National Bank of Omaha, First Sentry Bank, FirstBank and The Independent BankersBank. Quite a few credit unions joined as well, including Affinity Federal Credit Union, Credit Union of Southern California, Grow Financial Federal Credit Union, Ideal Credit Union, Redwood Credit Union, State Department Federal Credit Union, Teachers Credit Union, Technology Credit

How secure is Apple Pay?

Apple Pay uses a sophisticated security system that makes it even more secure than using your actual credit card. For starters, you need the PIN and/or fingerprint ID to use Apple Pay on your device. Once you've added a card, your payment network/bank issues a Device Account Number that is specific to your device. This is encrypted and sent to Apple (who can't decrypt it) who then adds it to the Secure Element in your device, along with other information.

Apple in Negotiations for Apple Pay in UK

Apple's (NASDAQ: AAPL) mobile payment system, Apple Pay, is off to a tremendous start just months after launch. Numerous U.S. retailers and financial institutions have jumped onboard and Apple Pay has already gained more traction than rivals' e-wallets, including Google Wallet, which launched over three years ago. Apple is now looking for Apple Pay support across the pond.

Apple Pay coming to UK

According to The Telegraph, Apple is currently in talks with several major British banks over its "wave and pay" service. Although all the major banks realize it would be foolish not to participate, there are some points of contention in the negotiations. At least one unnamed institution is concerned with the amount of personal data Apple intends to collect.


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