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South African financial institution Nedbank has launched a new feature that enables users to utilise their iPhone and Apple Watch device to conduct secure payments.
Nedbank users can now use Apple pay as a contactless form of payment for goods
The new Apple Pay feature is a secure, contactless, and private method of payment. With the Covid-19 pandemic sparking the growth of contactless payments, Nedbank has jumped on the bandwagon o add this to its list of features of its customer base.
Chipo Mushwana, Nedbank’s Executive of Emerging Payments comments on the launch of Apple Pay.
“The launch of Apple Pay re-affirms our commitment to providing safe and secure digital payments capabilities to our existing and new customers looking to get the most out of available digital channels. We are constantly thriving to meet our client’s digital needs by providing convenient payment methods.”
According to Nedbank, Apple’s smartphone device the iPhone is leveraged to protect every transaction.
How does it work?
Users must simply hold their iPhone or Apple watch near a payment terminal to make a contactless payment.
The process is secure due to the authenticated approval process that can be approved either with Face ID, Touch ID, or a device passcode. In addition, a one-time unique dynamic security code is prompted to add a secondary layer of security to each payment made using the Apple Pay feature.
To ensure that all transactions using Apple Pay are secure, customer’s credit or debit card actual card numbers are not stores on the device nor on the Apple servers. To tackle this, a unique Device Account Number is assigned when users sign up to use Apple Pay, it is encrypted and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.
Currently, Apple Pay is available to use at pharmacies, restaurants, coffee shops, retail stores, grocery shops, and more.
The new feature aims to simplify the process of online or contactless purchasing.
In addition, users may use an iPad or Mac to make payments on the web using the Safari interface and without having to create new accounts or repeatedly fill in shipping and billing information. The feature can also be used to make payments in apps on Apple Watch devices.
How to set it up
Nedbank users can easily set up the feature on their iPhone device by simply opening the Wallet app, tapping on the + (plus sign), and following the prompted steps to add their Nedbank credit or debit cards.
Once a card has been added to any of the compatible devices mentioned, users can start using their device for payments.
“As the affinity for digital payments grows in the South African market, we strive to ensure that we continue to provide our clients with the most recent and in-demand contactless payment solutions,” concludes Mushwana.
Featured image: Bagus Hernawan via Unsplash