Germany’s Commerzbank has added Apple Pay support to enable its customers pay for their purchases through this digital payment platform.
Apple Pay allows users to make online and offline payments through their Apple devices including iPhone, Apple Watch and iPad.
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While making a transaction, Apple Pay does not store actual card number or credentials in the device or on servers. Instead it uses a device-specific number and unique transaction code to prevent frauds and secure such transactions.
Users can authenticate a transaction by using their biometric credentials or with the device passcode.
Commerzbank head of division responsible for Marketing and Digital Banking in the private and small business customer segment Uli Coenen said: “We want to make life easier and faster for our customers in terms of finance and the launch of Apple Pay is a key building block.
“This makes digitisation a positive experience in everyday life.”
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By GlobalDataBesides Commerzbank, another German lender Sparkasse joined Apple Pay family this week.
Commerzbank is one of the leading lenders in Germany serving private and small-business customers and corporate clients.
Last year, the bank generated gross revenues of €8.6bn.
Early this year, Commerzbank was negotiating with local rival Deutsche Bank for a potential merger. However, the talks were called off later in April citing that the deal would ‘not provide sufficient added value’.
