Published on 8th June 2015
Offering an easy, secure and private way to pay
MBNA, the UK-based consumer credit business, will offer its customers access to Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay, later this year.
MBNA invests in innovation to make life easier for its customers. It was a pioneer of contactless payment technology – today, 100 percent of its cards are contactless payment-enabled. As a result, its customers are already among the biggest users of contactless payments. Now, MBNA will be among the first card firms offering Apple Pay to its customers in the UK. MBNA’s parent company, Bank of America, was part of the original Apple Pay launch in the US in October 2014. This experience – and its leadership in payments technology – will help MBNA quickly implement Apple Pay for its UK customers.
Contactless payments in the UK rocketed to £2.3 billion in 2014, an increase of over 300 percent from 2013. Beginning in September 2015, the contactless payment limit will increase from £20 to £30, fuelling further growth. MBNA customers were early adopters and are at the forefront of growth in contactless payments today. Offering Apple Pay to its customers is especially important for the kind of customer profile MBNA enjoys.
Security and privacy are at the core of Apple Pay. When you add a credit or debit card to Apple Pay, the actual card numbers are not stored on the device or Apple servers. Instead, a unique device account number is assigned, encrypted and securely stored in the secure element on your device. Each transaction is authorised with a one-time unique dynamic security code, instead of the security code from the back of your card.
Ian O’Doherty, CEO of MBNA, said: “At MBNA, our passion is to make our customers’ lives easier by investing in innovation. People are telling us they want new and innovative, as well as more secure and private, ways to pay. Apple Pay is another great example of how we’re investing in transforming payments for our customers.”
Apple Pay is easy to set up and users will continue to receive all of their existing card rewards and benefits. In stores, Apple Pay works with iPhone 6, iPhone 6 Plus and Apple Watch. 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. For more information on Apple Pay, visit: http://www.apple.com/uk/apple-pay/
MBNA – driving the move to mobile
- MBNA was an early pioneer of contactless payment technology. One hundred percent of its cards today are contactless payment-enabled.
- MBNA broke new ground with an eligibility checker that doesn’t impact applicants’ credit scores.
- MBNA was early to introduce a PIN-display feature in its online card service.
- uSwitch customers recently voted MBNA the best credit card app on the market.
What you see is what you get
- MBNA provides only unsecured* consumer credit – no more, no less. It won’t try to sell you other products.
- MBNA is entirely based in the UK and primarily serves UK-based customers.
- MBNA has no branches. The majority of its customers apply and service their accounts online.
- MBNA and its employees play a key role in the community, providing grants, volunteering and financial advice.
* Examples of secured credit would be a mortgage or a car loan.
About MBNA Limited
MBNA Limited is a wholly owned subsidiary of Bank of America Corporation (NYSE: BAC). It is one of the UK’s leading credit card providers and was voted Credit Card Provider of the Year for the second year running in the Consumer Moneyfacts Awards 2015. MBNA is committed to implementing innovations to make life easier for our customers. Headquartered in Chester for over 20 years, the company has a long history of investing in the Chester Marathon, Chester FC, the Chester Music Festival and the University of Chester.