According to Intesa Sanpaolo, Apple Pay adds another important step to the digital transformation process undertaken by the bank, confirming its intention of playing a part in mobile payments.
When a customer uses a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and stored in the Secure Element on the customer’s device. Each transaction is authorised with a one-time unique dynamic security code.
Earlier in 2018, following a new partnership with Apple, Costco has started supporting Apple Pay mobile payment service across 750 stores in the US.
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