What is Apple Pay?
Last month Apple® unveiled Apple Pay, a new feature on the iPhone 6, iPhone 6 Plus and Apple Watch which enables consumers to use their devices to pay for goods and services. Via Apple's Passbook app, your phone or watch can become your wallet by using built-in NFC (near-field communication) technology. With this technology, consumers will be able to use the Touch ID sensor on their device to authorize point-of-sale purchases at any retailer that has NFC capabilities. Currently there are around 220,000 merchant locations in the United States that have NFC capability –that amounts to only 1.6% of the roughly 13.5 million businesses in the country.
How does Apple Pay work?
Apple announced that consumers with Apple Pay will have the capability to upload card information utilizing the iPhone's camera as well as use any existing card information from the iTunes® Store. According to Apple, each device has a Secure Element chip which stores Device Account Numbers – numbers assigned to each payment card you add to the Passbook app. These Device Account Numbers are used instead of the actual card information to promote security should your phone be lost or stolen. When you make a purchase, the Device Account Number is coupled with a transaction-specific dynamic security code that will allow the payment to process.
How does Apple Pay affect UHCU members?
The launch of Apple Pay is sure to usher in a new era of mobile payment and mobile wallet adoption. As your financial partner, United Heritage Credit Union will keep you up-to-date with the latest news regarding mobile wallets and how these mobile wallets might affect you. When Apple Pay launches it will work with your UHCU credit card. UHCU processes all debit card payments through the CO-OP Financial Services network which is currently in negotiations with Apple Pay. As soon as we receive word regarding the use of your UHCU debit card within Apple Pay, we will provide more information.
Update - April 15, 2015
UHCU was placed on an implementation list when Apple Pay first launched. CO-OP Financial Services and Apple are in control of that list and implementation scheduling. We were recently notified that the implementation process between CO-OP and Apple will begin soon. We will notify members as soon as we have a confirmed launch date. We are working diligently to make Apple Pay available to our members. Don’t forget that UHCU credit cards are already active on Apple Pay.
Update - May 29, 2015
UHCU received word from CO-OP Financial Services and Apple informing us we should anticipate launching Apple Pay midsummer. As previously noted, we will notify members as soon as we have a confirmed launch date. We appreciate your patience as we work to make Apple Pay capabilities available to our members.
Update - September 30, 2015
For the latest on Apple Pay, click here
Update - Spring 2018
Apple Pay is now available for all United Heritage Credit Union credit cards and debit cards.