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Like EMVs, Apple Pay may be something you’ve been hearing about recently. This week we’re back with another article to explain more hot money topics.

What is Apple Pay?

Apple Pay is a creation of Apple Inc., designed to allow users to take their wallet wherever they go, even if they’re only carrying a cell phone. Apple Pay stores your credit and debit cards on your Apple device and becomes your mobile “wallet”, allowing you to pay for goods and services at select retailers with only your cell phone.

As a creation of Apple, it is compatible with iPhone 6 and  iPhone 6 Plus (as well as Apple Watch, iPad Air 2, and iPad mini 3) Your mobile wallet is accessed through the Passbook app which is a built-in application on all of the previously mentioned Apple products.

How Does it Work and is it Safe?

In order to set up your mobile wallet on your iPhone, all you will have to do is access the Passbook app, follow the simple prompts, and get started. According to Apple, all you have to do to make purchases at a point of sale is hold your iPhone 6 near the contactless reader and scan your finger print on your phone. You will know if a merchant accepts Apple Pay if they have one of the two symbols somewhere at the point of sale. apple pay

Each card you have stored on your phone has its own “token”, a special number created specifically for that card. If you have the same card on another Apple device the card will be given a different token for that device. Since you aren’t physically handing your card over when you make a purchase and are instead using a token, merchants will not see nor have the information on your card.

If you lose your phone you can use Find My iPhone to lock your tokens until you find your phone or erase your phone completely. If your phone gets stolen or is lost for good it is also recommended that you call the card issuer to delete your tokens for that device.

When is WCFCU Getting on Board?

The answer to that is very soon! In the not so distant future you will be able to add your WCFCU debit and credit cards to your mobile wallet. More details coming soon.

Visit the Apple website for more information on Apple Pay and making purchases through and appcurrent and upcoming merchants, and current participating financial institutions.