Monson Savings Bank Enhances Payment Security with Apple Pay
MONSON — Monson Savings Bank recently announced the introduction of Apple Pay for use with the bank’s personal and business debit cards.
Apple Pay is a new mobile payment system that allows people to pay for purchases using certain Apple devices in more than 1 million (so far) participating stores and within participating applications.
This payment system is more secure than traditional debit- or credit-card payments because, when people add their credit or debit cards to their Apple Wallet, the card numbers are not stored on the device, nor on Apple’s servers. Instead, a unique device account number is assigned, encrypted, and securely stored in the secure element on the device. Each transaction is authorized with a one-time ‘token,’ or unique security code, instead of using the security code from the back of the credit or debit card. Additionally, cashiers do not see names, card numbers, or card-security codes. The process is also known as ‘tokenization.’
“We’re extremely pleased to offer our individual and business customers this new, secure and private way to pay with their Monson Savings Bank debit cards,” said Steve Lowell, president and CEO of Monson Savings Bank. “There have been far too many security breaches involving stolen credit and debit numbers, and everyone is rightly concerned about payment security these days. This technology does a lot to allay those concerns. And it’s also extremely convenient and easy to use.”
Apple Pay is compatible with the following devices: iPhone 6, iPhone 6 Plus, iPhone 6s, and iPhone 6s Plus; Apple Watch paired with iPhone 6, 6 Plus, 6s, 6s Plus, 5, 5c, or 5s; and iPad Pro, iPad Air 2, iPad mini 3, and iPad mini 4.
People can learn more about Apple Pay and how to use it at monsonsavings.com.