WeLab Bank, a homegrown digital bank that has been authorized by the Hong Kong Monetary Authority (HKMA), reveals that it’s offering its customers Apple Pay, which is described as a safe, secure and private way to make payments. It allows clients to not have to hand over their payment cards to someone else. it also helps customers avoid touching physical buttons or exchanging cash — and uses “the power of iPhone to protect every transaction,” according to a release shared with CI.

Customers just have to hold their iPhone or Apple Watch close to a payment terminal in order to make a contactless payment.

As mentioned in the announcement:

“Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Customers can also use Apple Pay on iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.”

The release also noted that Apple Pay aims to make it easier or more convenient to make payments for food items and grocery deliveries, online shopping, transportation, and parking, among other things.

Apple Pay may also be used to carry out payments via Fintech apps on Apple Watch. Security and privacy are “at the core of Apple Pay,” the release noted while adding that when clients use WeLab Debit Card with Apple Pay, the actual card numbers are “not stored on the device, nor on Apple servers.”

A unique device account number gets assigned, encrypted, and securely stored in the Secure Element, which is an industry-standard, “certified chip designed to store the payment information safely on the device. Apple Pay is easy to set up.”

As noted in the announcement:

“On iPhone, simply open the Wallet app, tap +, and follow the steps to add WeLab Debit Card. Once a customer adds a card to iPhone, Apple Watch, iPad, and Mac, they can start using Apple Pay on that device right away. Customers will continue to receive all of the rewards and benefits offered by the WeLab Debit Card.”

For additional information on Apple Pay, check here.

For more details on WeLab Bank, check here.

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Source: https://www.crowdfundinsider.com/2021/06/176626-digital-banking-welab-bank-to-offer-apple-pay-option-to-clients-across-hong-kong/