Morgan Stanley Wealth Management has announced that its debit card clients will now get access to Apple Pay through their iPhone 6/6Plus for making purchases in stores or within apps.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
After the debit card is added to Apple Pay, clients will have to hold their mobile device near the contactless reader and can make payments easily with the touch of a finger.
The check out process during shopping within apps on iPhone 6/6Plus, iPad Air2 and iPad mini3 will be simplified with clients just having to select Apple Pay and place a finger on Touch ID.
Apple Pay also addresses security concerns as it does not share the actual debit card number with the merchants or transmit it with payments. It assigns a unique device account number that is encrypted and stored in the mobile’s secure element.
Transaction enabled through Apple Pay is authorized with a one-time unique dynamic security code, which secures the debit card data even if a client’s device is replaced, lost or stolen.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataMorgan Stanley’s private banking group head Eric Heaton said: "Offering our wealth management clients the opportunity to use Apple Pay complements our full suite of cash management solutions.
"We will continue to explore and leverage the newest technology to best meet our clients’ expanding needs for flexibility and ease, while ensuring that these solutions are safe and secure."
