WeLab Bank Now Supports Apple Pay for Safe and Secure Transactions
by Fintech News Hong Kong June 16, 2021WeLab Bank, a homegrown virtual bank authorised by the Hong Kong Monetary Authority, has integrated the use of Apple Pay into its platform.
Apple Pay is a safe, secure and private way to pay that helps customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash — and leverages iPhone’s security to protect every transaction.
Customers can simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.
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.
Additionally, when customers use WeLab Debit Card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers.
Instead, a unique device account number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.
