Press
PenFed credit and debit cards now offer Apple Pay
ALEXANDRIA, VA (March 3, 2015) — Pentagon Federal Credit Union (PenFed) announced today that it has joined the growing ranks of financial institutions that now bring Apple Pay, the easy, secure and private way to pay, to all its PenFed Visa credit and debit cardholders and American Express Cardmembers.
Now, any of PenFed’s Visa and American Express cardholders may now have the ability to add those cards to Apple Pay.
“PenFed is always looking for new opportunities to improve and enhance our credit and debit card programs for our members,” said Kevyn Myers, executive vice president and chief operating officer with PenFed. “As mobile banking becomes even more popular, it is important that PenFed stay abreast of the latest technological advances and trends.”
“We take pride in offering innovative and dynamic cards that appeal to all of our cardholders. By making Apple Pay available to our cardholders, they get to enjoy the best in the latest mobile device trends, combined with some of the best cards available in the industry,” said Myers.
How the Apple Pay app works.
Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by their PenFed credit and debit cards.
What makes Apple Pay a serious consideration for mobile device users is the amount of retail partners the platform now has. New stores are increasingly being added. Besides the Apple Store, a PenFed cardholder can use Apple Pay at many brick-and-mortar retail locations or within participating apps.
In participating stores, Apple Pay lets customers make mobile payments from their iPhone 6, iPhone 6 Plus and soon, 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.
Additionally, security and privacy is at the core of Apple Pay. When cardholders add a PenFed card to Apple Pay, the actual card numbers are not stored on the device, or on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of your card.
To get more information about enrolling a PenFed credit or debit card with Apple Pay, visit PenFed.org/ApplePay.
To learn more about PenFed’s wide-selection of credit cards or membership eligibility, visit PenFed.org.
About PenFed
Established in 1935 as the War Department Credit Union, PenFed is one of the largest credit unions in the country, serving 1.3 million members worldwide; with nearly $18 billion in assets. Its long-standing mission has been to provide superior financial services in a cost effective manner, while being responsive to members’ needs. PenFed offers market-leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members’ interests always in mind. Serving a diverse population, PenFed offers many ways to become a member; including numerous employee groups and association affiliations. PenFed is federally insured by the NCUA and is an equal housing lender. PenFed does business in accordance with the Federal Fair Housing Law, the Equal Credit Opportunity Act, and is a member of NAFCU. To learn more about PenFed, visit PenFed.org, like us on Facebook and follow @PenFed on Twitter. Interested in working for PenFed? Check us out on Linkedin.