Apple Pay Coming Soon to EECU!
If you followed Apple’s iPhone 6 launch event this week, or have read about it since then, you may have heard them mention the new Apple Pay feature that will be available in October. You can read full details about what they are doing on Apple’s website but here is the short version:
- Apple is creating a digital wallet for iPhone 6 users that will allow you to enter your existing debit and credit cards into the iPhone by taking a picture of them or bringing existing cards over from iTunes. The cards will show up in the Apple Passbook app.
- Using a special chip in the phone, you will be able to pay for things at participating merchants by waving your phone over a special kind of card reader.
- The transaction is secured both by requiring your fingerprint on the iPhone 6 home button and by not transferring your actual card number, but using a special one-time use number called a token. The benefit to this arrangement is that the merchant never has your actual card number and therefore cannot inadvertently expose it to hackers (which has happened in recent merchant data breaches). This process happens in the background and is really invisible to the card user.
As Apple mentioned in the presentation, the company has agreements with MasterCard and Visa, and are also working with a number of financial institutions. For those of you planning to buy an iPhone 6 and who would like to use the Apple Pay technology, you are probably wondering if you will be able to use it with your EECU cards.
We are working closely with our card processing partners to implement the required technology so that we may offer support for Apple Pay to our members as soon as possible. We will keep you posted on our progress.
|Tim Grove, vice president of systems development, has been with EECU Credit Union’s information technology team since 1999, and is responsible for the programming and development of EECU’s website as well as all online and mobile services. Tim holds an undergrad degree in marketing from Oklahoma Christian University as well as an MBA from the University of Texas at Arlington, and has served marketing and IT teams at companies including Canon, EDS and Halliburton.
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