Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Apple Pay
In October 2014, the US company Apple introduced its Apple Pay payment system. The system enables transactions via Near Field Communication (NFC) in combination with Apple Wallet, apps or the Safari browser.
Functionality
Apple Pay works with the so-called Device Account Number, a generated combination of numbers that is stored in the Chip Secure Element. This number is used for all transactions; the real card data is not disclosed. If a new credit card is entered into Apple Wallet, the actual card data as well as device information and the last digits of the mobile phone number are forwarded to the issuing bank. If the Device Account Number is now transmitted, the bank in question can assign the stored credit card data and carry out the transaction.
Security
Payment with Apple Pay is considered very secure because no real credit card data is transmitted in any transaction. The merchant or service provider merely transmits the device account number to the associated banking network and receives approval for the transaction after the assignment. Now this approval, the amount to be paid and the merchant ID are sent to the buyer's device. The buyer still has to confirm and transmit this data. By means of a cryptogram, a unique Card Validation Code (CVC), the amount, the seller and the authentication are encoded and stored on his specific device.