GlobalPlatform defines the Secure Element as a "tamper-resistant platform (typically a one chip secure microcontroller) capable of securely hosting applications and their confidential and cryptographic data (e.g. key management) in accordance with the rules and security requirements set forth by a set of well-identified trusted authorities."
The list of financial institutions that support Apple Pay is large and grows on a daily basis. You can find an up-to-date list at Apple's participating issuers page.
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.
Submitted by Jon Reed on
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.
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.
Submitted by Jon Reed on
On Tuesday Apple (NASDAQ: AAPL) reported that dozens of companies have signed up for Apple Pay over the past several weeks. The list of companies accepting Apple's e-wallet, which started with financial giants Visa, Mastercard and American Express among others, has grown continuously since the project began in early 2013. When it went live in October, over a million credit cards were registered within the first three days, which rocketed its status to the largest mobile payment system in existence.
According to The New York Times, recent sign-ups including Barclaycard, SunTrust, USAA and ten banks, including TD Bank, all support the payment system as of today. Other new additions include Staples, which now accepts Apple Pay at 1,400 of its locations, grocers Winn-Dixie and Albertsons, and the AmWay center, home of the Orlando Magic. A list of financial institutions that already support Apple Pay can be found here.
