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1st Financial FCU, Electro Savings CU Now Offer Apple Pay

Two St. Louis area credit unions will offer the security and privacy of Apple Pay. 1st Financial Federal Credit Union (Wentzville) and Electro Savings Credit Union (Maryland Heights) members can use Apple Pay when they use their debit cards. 

When a user adds a debit card to Apple Pay, the actual card number is 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 on the device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of the card. Credit or debit card numbers are never shared by Apple with merchants or transmitted with payments.

Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by their debit cards. In stores, Apple Pay works with iPhone 6, iPhone 6 Plus and Apple Watch.

“We are so pleased to offer this convenient service,” says Carol Minges, CEO of 1st Financial Federal Credit Union. “Apple Pay is a groundbreaking innovation that we are proud to share with our members.”

Online shopping within apps accepting Apple Pay is as simple as the touch of a finger with Touch ID, so there’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information. When paying for goods and services within apps, Apple Pay is compatible with iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3.

In addition to supporting secure payment options such as Apple Pay, 1st Financial is also in the process of replacing every active debit card with more secure EMV-Chip cards. EMV cards work by creating an encrypted connection between the cardholder and financial institution.

By adding these new payment options, 1st Financial  and Electro Savings are proactively working to protect their members' financial information.

Earlier this year, Vantage Credit Union announced the addition of Apple Pay. For more information on Apple Pay, click here