Bank of America Makes Apple Pay Available to Customers and Merchants
October 20 2014 - 1:00PM
Business Wire
New Service From Apple Provides Simple, Secure
Payment Method
Bank of America today began offering its customers and merchants
access to Apple Pay, a new mobile payments service that provides an
easy and secure way to pay.
Enhanced security is at the core of Apple Pay. When customers
add a credit or debit card to Apple Pay, the actual card number is
not stored on Apple servers, and only the last four digits of the
actual card number is stored on the device. Instead, a unique
virtual card number is assigned, encrypted and securely stored in
the Secure Element on the device so the full card number will not
be accessible if the mobile device is either lost or stolen.
“We are committed to giving our customers what they want –
simple ways to pay for everyday things – so they can get on to the
more important aspects of their lives,” said Thong Nguyen,
president of Retail Banking at Bank of America. “Apple Pay is
another great example of how we are improving the financial lives
of our customers.”
As of today, Bank of America® consumer debit and credit cards1
and small business owner debit cards, Merrill Lynch® consumer
credit cards2 and U.S. Trust® consumer and small business debit and
consumer credit cards in the U.S. are eligible for use with Apple
Pay. Customers with eligible Bank of America, Merrill Lynch and
U.S. Trust cards will continue to get all the rewards, benefits and
protections the cards provide like zero liability and fraud
monitoring.
Bank of America Merchant Services offers Apple Pay to
clientsBank of America Merchant Services is part of the first
wave of payment companies to support the launch of Apple Pay.
Currently, Bank of America clients are now offering the service as
a payment option at more than 200,000 stores and for select iPhone
apps.
For small businesses, the Clover™ Station point-of-sale system
will support Apple Pay transactions at launch, and the Payeezy SM
software development system will help merchants to create apps that
integrate Apple Pay as a payment option.
“We are excited to work with our clients to offer this secure,
contactless payments system to their customers,” said Tim Tynan,
Bank of America Merchant Services CEO. “Emerging technologies are
rapidly changing how consumers pay for goods and services, and we
are working to be at the forefront of that change.”
For more information on Apple Pay and Bank of America’s
integration with the mobile payment service, please visit
apple.com/apple-pay or bankofamerica.com/applepay.
1 Due to card network limitations, cards issued to residents of
Puerto Rico and U.S. Virgin Islands are not eligible at this
time.
2 Excludes small business credit cards at this time.
Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small
businesses, middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
financial and risk management products and services. The company
provides unmatched convenience in the United States, serving
approximately 48 million consumer and small business relationships
with approximately 4,900 retail banking offices and approximately
15,700 ATMs and award-winning online banking with 31 million active
users and more than 16 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Bank of America Merchant ServicesBank of America Merchant
Services, a joint venture between First Data and Bank of America,
provides payment solutions by combining the technology and
innovative products of First Data with the relationship strength
and prominent global brand of Bank of America. Bank of America
Merchant Services delivers payments, commerce, security and advice
through more than 100 products and services to merchants of all
sizes. In fact, Bank of America Merchant Services is the number
one-rated electronic payments processor in the industry with more
than 300,000 active merchants processing more than 13.5 billion
transactions annually.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Reporters May Contact:Tara Burke, Bank of America,
1.203.292.6590tara.a.burke@bankofamerica.com
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