Anyone remember George Constanza’s exploding wallet from Seinfeld? It was so overstuffed with junk that it made him sit at a tilt? Thank goodness those days are over! Today, you can pay without even breaking out your wallet. Digital wallets, like Apple Pay, enable you to pay in stores or online using your phone, depending on compatibility.
And now, all OCCU credit and debit cards are Apple Pay ready, with Samsung and Android pay coming soon.
Apple Pay is available on iPhone 6 or newer, Apple Watch paired with an iPhone 5 or later, or select iPad’s for in-app purchases. If you have one of these devices, you may be familiar with the Wallet app. To add your credit and debit cards within Apple Pay, select the Wallet icon on your device and use the plus sign. With Apple Pay, Wallet securely stores your credit cards or debit cards, too, without the actual number attached, all in one place so no more fumbling around for the right card. Plus, a few of your most recent purchases are recorded in your Wallet app to help you keep track of things.
Apple Pay is easy to set up and adds extra security to your purchases. Every time you pull your credit or debit card out of your wallet to make a purchase, your card number and your name are visible and once you swipe your card, the merchant has that information. OCCU’s Card Services Specialist Ron Rowlett says, “With Apple Pay, your actual card number isn’t shared with the merchant so if the information is stolen it can’t be used for other purposes. Remember the big data breaches around the 2013 holiday season”
With Apple Pay, instead of using your actual credit and debit card numbers when you add your card, you’re assigned a unique Device Account Number that is encrypted and stored securely in a chip in your mobile device. When you make a purchase, the Device Account Number, along with a transaction-specific dynamic security code, is used to process your payment. So your actual credit or debit card numbers are never shared with merchants or transmitted with payment. Further, Apple Pay doesn’t keep the details of your transactions so they can’t be tied back to you.
If your device is ever lost or stolen, you can use Find My iPhone to put your device in Lost Mode, which suspends Apple Pay. You also have the option to wipe your device completely clean. Because your card number is replaced with a Device Account Number, you will not need to cancel your cards. Just cancel the Device Account Number, which can be quickly reissued. Additionally, on iPhone and iPad every payment requires Touch ID or a passcode, and Apple Watch must be unlocked, which means there is an extra layer of security to make a payment.
Now that you can use Apple Pay, how do you use it? If you have an iPhone 6, you will not need to download an app or even wake your display. Instead, your phone will use a Near Field Communication antenna to connect to the payment terminal. Then just hold your iPhone near the contactless reader with your finger on Touch ID or double-click the Home button to access Wallet and make your purchases. With an Apple Watch, just double-click the side button and hold up the watch display to the reader.
Merchants accepting Apple Pay will most likely display the Apple Pay logo on their terminals. While Apple Pay is not accepted everywhere yet, Rowlett says, “As more merchants invest in EMV chip terminals we think they will also upgrade to Near Field Communication (NFC) hardware. If your favorite merchant does not take Apple Pay, let them know you’re interested! Adoption won’t happen overnight but it will build over the coming years.” If you’re not an Apple user, Android Pay and Samsung Pay were released last year and OCCU is working to make those available as well.
There are many merchants in the Oregon that accept Apple Pay, including Jamba Juice, Trader Joe’s and Market of Choice. With more retailers accepting Apple Pay every day, there will soon be no need to pull out a plastic card. And that’s much easier on the wallet.