Visa, a leading global payments technology company will bring Apple Pay to its customers.
Apple Pay will make use of Visa Token Service (VTS), making use of a unique digital identifier (a “token”). It replaces cardholder information including account number, expiration dates etc. making it more secure, hides consumers confidential account information during digital transaction.
Each transaction done using Apple pay will be authorized with one-time unique dynamic security. When a customer uses debit or credit card, the actual card numbers are not stored on the device, instead, an unique Device Account Number is assigned, encrypted and stored in secured element.
Moreover, users using Apple’s payment service will continue to receive all of the rewards and benefits offered by Visa. Apple Pay works in all participating stores and is compatible with iPhone 6s, iPhone 6s Plus, iPhone6, iPhone 6 Plus, iPhone SE and Apple Watch, iPad Air 2, iPad Mini 3, iPad Mini 4 and iPad pro.
Caroline Ada, Country Manager, Visa Hong Kong and Macau, said –
Visa is proud to support issuers in Hong Kong who want to launch Apple Pay to bring their customers a more secure and convenient way to pay. In Hong Kong contactless payments have become a necessity for everyday life. One in ten Visa transactions in Hong Kong is a Visa payWave transaction and we expect the number of contactless payments to grow even further, driven by Hong Kong consumers’ savviness and willingness to adopt new mobile technology like Apple Pay. We look forward to bringing a whole new way of paying to consumers in Hong Kong,