HSBC Australia has added Apple Pay support for its Visa and MasterCard credit cardholders thereby enabling them to transact mobile payments through their Apple devices.
When customers use a credit or debit card with Apple Pay, neither the device nor Apple servers stores the actual card numbers.
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Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on the user’s device. Each transaction is authorised with a one-time unique dynamic security code.
HSBC Australia head of retail banking and wealth management Graham Heunis said: “Our customers have told us they want to be able to use Apple Pay in Australia, and we’re proud to be able to make this service available to them. HSBC has introduced Apple Pay in five other markets and we’re looking forward to another successful launch here.
“The majority of our customers’ credit card payments are contactless and we expect our customers to embrace Apple Pay. We will also be introducing Apple Pay for Visa debit cards in the coming weeks.”
Apple Pay users will continue to receive all of the rewards and benefits offered by credit and debit cards. Apple Pay currently compatible with iPhone SE, iPhone 6 and later, and Apple Watch.
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By GlobalData
