Bank of America Makes Apple Pay Available to Customers and Merchants
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 clients
Bank 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.”
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 America
Bank 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 Services
Bank 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.
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Reporters May Contact:
Tara Burke, Bank of America, 1.203.292.6590