From today, TSB will be the only bank in the UK to offer customers five per cent cashback on Apple Pay purchases, just in time for Christmas.
Customers with a TSB MasterCard and TSB Amex credit card will be able to add their cards to Apple Pay and earn five per cent cashback per card on the first £100 of purchases made through Apple Pay each month, until 31 December 2016.
Additionally, customers with a TSB Classic Plus account will also be able to add their debit card to Apple Pay and earn cashback. Classic Plus account customers will be able to choose between using their contactless debit card or Apple Pay to make purchases and earn five per cent cashback on the first £100 of purchases made through Apple Pay or their contactless debit card each month until
31 December 2016.
Security and privacy is at the core of Apple Pay. When you add a credit or debit card 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 your device. Each transaction is authorised with a one-time unique dynamic security code.
In addition to the Classic Plus debit cards, TSB MasterCard and TSB Amex credit card Apple Pay will work with a range of TSB debit cards.
Since launching its 555 Classic Plus account offer, TSB has received great feedback from customers who love the cashback they earn on everyday purchases such as their morning coffee, bread, milk and even whilst travelling on the bus or the tube in London.
On average, TSB processes more than 89,000 contactless purchases a day, with customers frequently using the payment method at supermarkets, coffee shops, food outlets and Transport for London.
Jatin Patel, TSB’s Product Director, says: “We know that our customers have enjoyed the added plusness they receive through our 555 Classic Plus account offer and now they can enjoy five per cent cashback on purchases with their Classic Plus account, TSB MasterCard and Amex credit card with Apple Pay.”
“I know that our customers will enjoy the cashback they will earn through using Apple Pay with TSB - the biggest Apple Pay cashback offer available on the high street.
“Apple Pay is a secure and convenient way for TSB customers to make purchases. TSB has invested in more than 600 iPads in our branches, so TSB Partners can show customers how to use Apple Pay.”
Apple Pay is easy to set up and users will continue to receive all of the rewards and beneﬁts offered by credit and debit cards. Apple Pay works with iPhone 6 and later and Apple Watch.
Contributed | what does this mean?