This will allow Interac cardholders to use their cell phone to shop at the hundreds of thousands of merchants where contactless payments are already accepted in Canada.
In addition, customer payment card details are not stored on the device or Apple servers. They are replaced with a unique device account number that is encrypted and stored in the secure element of the device. Each transaction is authorized with a one-time unique dynamic security code.
More than that, this process takes advantage of the Interac Token Service Provider to ensure each Apple Pay transaction is validated with a one-time unique token. The Interac TSP was developed in collaboration with Bell ID, allowing Interac to support Apple Pay integration with secure tokenization services.
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