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Bank of America Makes Apple Pay Available to Customers and MerchantsCHARLOTTE, N.C. --(Business Wire)-- 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 (News - Alert) 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 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." For more information on Apple Pay and Bank of America's integration with the mobile payment service, please visit apple.com/apple-pay or bankofamerica.com/applepay. 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.
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