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BRIEF: First Tennessee to roll out Apple Pay system [The Commercial Appeal, Memphis, Tenn.](Commercial Appeal (Memphis, TN) Via Acquire Media NewsEdge) Oct. 20--First Tennessee Bank plans to let customers use a First Tennessee debit or credit card using a smart phone. The Memphis bank will offer customers the option of using Apple Pay, a new digital service. The system allows payments using a smart phone at stores where merchants are set up to accept it. Customers will be able to add their credit or debit cards to Apple Pay and then make purchases in stores with an iPhone 6. First Tennessee officials said the system enhances security. According to the Memphis bank: "With Apple Pay, customers don't share their actual credit and debit card numbers when they make purchases. Instead, a device account number is assigned, encrypted and securely stored. When a customer makes a purchase, that number along with a transaction-speci?c dynamic security code is used to process the payment. Apple never shares the actual card numbers with merchants or transmits them with payment. In addition, the cashier never sees the customer's name, card numbers or security code." Separately, First Tennessee announced it will soon issue chip cards to customers. The embedded microchip can authenticate cardholders and authorize transactions. No data is stored on the card. ___ (c)2014 The Commercial Appeal (Memphis, Tenn.) Visit The Commercial Appeal (Memphis, Tenn.) at www.commercialappeal.com Distributed by MCT Information Services [ Back To TMCnet.com's Homepage ] |