MasterCard announced it will bring its cardholders Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay that’s fast and convenient.
MasterCard credit cardholders banking with Royal Bank of Canada (RBC), Canadian Imperial Bank of Commerce (CIBC), Canadian Tire Bank and ATB Financial can pay with Apple Pay, and cardholders who bank with BMO Financial Group (BMO) will be able to use Apple Pay in the coming weeks.
“We’re excited to work with Apple to bring a new way to pay that eliminates something many of us dislike: carrying a bulky physical wallet. Apple Pay allows consumers to pay with their iPhone – an item most of us wouldn’t think to leave home without,” said Jason Davies, Vice President of Digital Payments for MasterCard Canada. “Thanks to our contactless footprint, our cardholders can tap their Apple devices to pay across the country. This innovation is part of our commitment to offer Canadians convenient, fast and secure payment options.”
Apple Pay leverages MasterCard’s safe and secure platform, MDES (MasterCard Digital Enablement Service), which uses the most advanced payment technologies – EMV, tokenization, cryptography and biometrics – to ensure the integrity of cardholder information. When you use your MasterCard with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a token is created when you load your MasterCard into your device. The token, an alternate 16-digit number linked to the device, will only ever be used when paying with that device.
“At the heart of mobile payments is the peace of mind that comes with knowing transactions are protected with the highest level of security. Consumers want the same peace of mind when using Apple Pay that they’ve enjoyed for years with their plastic MasterCard. With the mobile security measures built into Apple Pay, cardholders can be assured that they’re fully protected,” said Davies.
Apple Pay is easy to set up and users will continue to receive all of the rewards and beneﬁts offered by credit cards. In stores, Apple Pay works with iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch. When paying for goods and services in-store and in-app, Apple Pay is compatible with iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus, iPad Air 2, iPad mini 3, iPad mini 4, iPad Pro and Apple Watch.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.