Apple Pay, Samsung Pay, and Google Pay are mobile payment services that let users make purchases with just their phone. Mobile wallets, which are typically free for consumers, enable secure, card-free payments through the combined use of new and existing technologies. To make payments using mobile wallets, you’ll need a mobile device capable of supporting that particular technology. You’ll also need to have, and load into the mobile wallet, a credit or debit card from a participating financial institution. SELCO debit and credit cards work with all three services.
When you enter your card data into Apple Pay, Google Pay, or Samsung Pay, your card number is translated into a 16-digit “token” in a process called tokenization. This token is a unique number that can’t be transferred to or used by another device. Your phone stores and transmits only the token to the merchant’s point-of-sale terminal, and the token can be decoded only by the card processor. This protects your real card number by leaving it out of the transaction entirely. In addition, your phone may rely on biometric authentication (your fingerprint) or a PIN, so only you can initiate a payment with your device.
You can use mobile wallets at a growing number of merchants, and even in some apps. Look for the contactless and mobile wallet logos, or visit your mobile wallet’s website for a complete list of merchants.