As Britain’s largest current account provider with three iconic brands on the high street reaching millions of customers, the launch today indicates another milestone in the adoption of new payment technologies.
Recent research from Lloyds indicates that many people believe they won’t need cash in the near future as they increasingly turn to cards, contactless payments and other new technologies. In fact almost half (43%) of people see contactless payments as the payment method of the future, whilst one in three (34%) expect to be using a mobile device on a day-to-day basis to make payments within the next five years.
Security and privacy is at the core of Apple Pay. When you add a credit or debit card to 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 securely stored in the Secure Element on your device.
Stephen Noakes, Managing Director Retail Customer Products, Lloyds Banking Group said: “We are delighted to be able to offer our millions of customers Apple Pay. The way consumers fulfill their banking needs is changing, as our customers want to bank and transact on the go – offering Apple Pay utilises the latest technology to respond to this ever increasing demand.”
Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards. In stores, Apple Pay works with iPhone 6, and Apple Watch. When paying for goods and services within apps, Apple Pay is compatible with iPhone 6, iPad Air 2 and iPad mini 3.