Visa Inc., a global payments technology company, has announced that approximately 1 million Visa cardholders in the nation of Switzerland will gain early access to the Apple Pay, which offers users a secure, efficient, and private way to complete transactions.
Cornèrcard and Bonuscard.ch customers will be able to use Apple Pay at over 100,000 contactless point-of-sale terminals in Switzerland. In less than for yours time, it’s expected that all Visa payment terminals will accept contactless payments.
“With today’s launch of Apple Pay, a global mobile payment solution based on credit cards and NFC (contactless) entered the Swiss market,” said Stefan Holbein, Country Manager Visa Europe Schweiz, in a public statement. “Given the iPhone population in Switzerland is extremely high, the launch of Apple Pay is sure to make it the most convenient mobile payment solution for Switzerland.”
Retailers won’t need to make any changes to point-of-sale infrastructure or terminals. Apple Pay will be accepted wherever Visa contactless payment is currently accepted, as it utilizes the same technology. Throughout Europe, contactless payment has grown in popularity. Since just a little over one year ago, Visa Europe has facilitated more than 3 billion contactless payments. In fact, this form of payment is so popular, contactless payments via smartphones and cards now represent approximately 20 percent of Visa transactions at payment terminals. Since 2014, usage has more than quadrupled, increasing from 4.1 percent to 21.1 percent.
Apple Pay promises that privacy and security are at the heart of its service. The payment card details for the Visa card added to Apple Pay won’t be stored on Apple’s servers of the device. Instead, Visa will generate a device account number, which will be assigned and stored on the device. This device account number or unique token protects consumers because they can be utilized for payment with direct access to card information or an account.
In the case that a token-carrying device, such as an iPad or an iPod is lost or stolen, the associated token can quickly be disabled, protecting against theft. This can occur without a need to cancel a card or have the card reissued because information hasn’t been compromised. Apple Pay users are able to enjoy all of the perks of a credit card without the fear of digital fraud or theft. The tokenization service is rooted in privacy and allows for Visa cardholders to select the card currently associated with iTune or a new card.
Apple Pay is a digital wallet and mobile payment service developed by Apple Inc., allowing users with iPhone 6, 6 Plus, iPad Air 2, iPad Pro and iPad Mini 3, Apple Watch-compatible devices, and similar devices. The service was initially announced during an Apple’s iPhone 6 event on September 9, 2014, after Apple CEO Tim Cook described the magnetic stripe card payment process on credit cards as an “outdated and vulnerable magnetic interface”, hosting “exposed numbers”, and insecure “security codes.”
Apple Pay has been integrated into the payment services for a number of iPad and iPhone applications, and it’s been launched in Canada, Singapore, the U.S., U.K., China, Australia, France, Hong Kong, Spain, and now Switzerland.