RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover today announced an agreement with Apple that will allow Discover cardmembers in the U.S. to make contactless payments in participating stores through Apple Pay, the easy, secure and private way to pay, using iPhone 6, iPhone 6 Plus and Apple Watch.
In addition to paying in stores with iPhone 6, iPhone 6 Plus and Apple Watch, millions of cardmembers can also use Apple Pay with iPad Air 2 and iPad mini 3 when paying for goods and services within apps beginning this fall.
“As the mobile payments landscape matures, Discover remains committed to giving cardmembers secure options for using their cards and mobile devices,” said Diane Offereins, Discover’s president of payment services. “Discover’s focus on simplicity and value for our cardmembers aligns well with the way Apple Pay makes purchases easy and convenient.”
When cardmembers add their credit or debit card to Apple Pay, the actual card numbers are not stored on the device or on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on a device. Each card transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of the credit or debit card.
Discover credit cardmembers will still receive all of their current benefits, including Cashback Bonus® and the new Freeze It® security tool that allows them to stop any new purchases, cash advances and balance transfers when they temporarily misplace their cards.
As part of the agreement, Discover Network will enable eligible financial institutions, including Discover Debit issuers, to let their card holders use Apple Pay.
For more information on Apple Pay, visit www.apple.com/apple-pay/
Discover Financial Services (NYSE:DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit: www.discover.com/company.
This press release contains forward-looking statements. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: unexpected difficulties or delays in executing the proposed arrangements. The forward-looking statements speak only as of the date of this press release, and there is no undertaking to update or revise them as more information becomes available. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Discover’s Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the SEC and available at the SEC's website at www.sec.gov.