CUPTERTINO, Calif. (1/14/15)--Seven additional credit unions have signed up to offer Apple Pay to their members, pushing the total number of those within the industry to implement the tokenization payment technology up to 15.
The credit unions most recently to add the service are:
Apple Pay's tokenization payment service allows consumers and credit union members to make purchases with an iPhone or iPhone6 Plus rather than with a credit or debit card.
To use the service, members must input their card information into a compatible device, then check out by holding the device near a participating merchant's card reader with a finger on the "Touch ID" button.
The process provides more security than a traditional payment card because no credit or debit card numbers are stored on the devices or on Apple's servers.