Summit Bank has implemented Debit Card Tokenization, also known as Apple Pay, Google Pay and Samsung Pay.
Starting today, all of our consumer and business debit cards can be added to our “digital wallets” on our phones, tablets or watches and used for making purchases at hundreds of thousands of stores and restaurants (over 75% in the US, over 85% in Europe, 99% in Australia), without the need for presenting a physical debit card.
How do I add my debit card to my digital wallet?
The steps for adding a card to a digital wallet are fairly intuitive for a moderate mobile device user. You are welcome to try it on your own, but if you prefer step by step instructions, please follow the links below:
How do I use my digital wallet?
Digital wallets allow you to use contactless payment technology at any store or restaurant with a contactless payment system. Watch for the Apple Pay, Google Pay or Samsung Pay logos next to the readers, although many readers have the capability and accept tokenized debit cards without displaying the logos.
The exact procedure for making the payment differs depending on phone and software version, but generally involves moving your phone within 2 to 4 inches of the card reader (the same device that reads your physical debit card), and verifying the payment by using the touch id, face id or a pin code. In my case, I just hold my iPhone with my thumb on the touch id button over the reader, without even unlocking my phone, which activates Apple Pay and asks me to verify the purchase. It is very easy. It’s a very similar procedure for Android and Samsung devices.
What are the benefits of Debit Card Tokenization?
The two primary advantages of debit card tokenization and utilizing Apple Pay, Google Pay and Samsung Pay are:
Tokenization protects our clients sensitive financial information. When our customers use Apple Pay/Google Pay/Samsung Pay their personal account numbers (PANs) aren’t stored in the merchant’s payment system. Instead the PANs get replaced with randomly generated token IDs. Once the transaction goes through, the payment processor sends a confirmation back to the merchant with the randomly generated token ID, which is stored in place of the PAN data in their system. Should anyone hack into the merchant’s system, or intercept the information reroute, they would only access randomly generated single use token IDs, which can’t be used for any future transactions.
Additionally our clients can now make purchases without reaching for their physical debit card.