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Lloyds finally on Apple Pay

15sept20153Lloyds Banking Group said Lloyds Bank, Halifax and Bank of Scotland customers can finally use Apple Pay, the contactless payment system that uses the iPhone’s inbuilt fingerprint scanner and near-field communication (NFC) chip to allow users to make payments through a registered credit or debit card. The Apple Watch can also be used to make payments in conjuntion with an iPhone. Double tapping the side button allows users to choose from a selection of stored cards, before holding the Watch up to the contactless reader to make a payment. When a credit or debit card is added to Apple Pay, the actual card numbers are 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. The transaction limit for contactless payments in the UK is now £30, after it was increased from £20 at the start of September. Lloyds Banking Group said its customers will continue to receive all of the rewards and benefits offered by credit and debit cards when using Apple Pay.

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