Today marks the beginning of popular mobile payment method Apple Payʼs availability for K&H Bank clients in Hungary, the bank tells the Budapest Business Journal.
"The popularity of mobile payment methods is growing constantly at K&H, and we have reached the next level with the introduction of Apple Pay," says Martin Jarolím, head of K&H ʼs retail banking division. "Payment is set to become faster and more comfortable for hundreds of thousands of clients who have an Apple device and use either a Mastercard or a Maestro card."
"We can see that clients are becoming increasingly receptive to digital solutions. K&H aims at making taking care of finances quick, easy, and smooth, via innovative services. This is why the bank introduced fully-online personal loans, biometric signatures, and automated cash management branches."
Whether one uses Apple Pay with a credit or debit card, the device will never store the card number on itself or on Apple servers., the press release says. Instead, it assigns a unique device-specific number to the card, which is encrypted and securely stored on the device. Each transaction uses a unique, one-time dynamic security code, and Apple does not share card numbers with retailers at checking out.
The app runs on devices newer than iPhone SE and iPhone 6, and it is also compatible with Apple Watch.
Online shopping through apps and websites that support Apple Pay only requires the use of the Touch ID fingerprint scanner or Face ID. Clients do not need a new user account, and it is enough to fill out shipping and billing information to use Apple Pay.