FOSTER CITY, Calif.--(BUSINESS WIRE)--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.
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.