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Morgan Stanley enables Apple Pay for debit card clients

25 February 2015  |  3271 views  |  0 Source: Morgan Stanley Wealth Management

Morgan Stanley Wealth Management announced today that, using their iPhone® 6/6Plus, clients can add their Morgan Stanley Debit Card to Apple Pay to pay for purchases in stores or within apps.

Once the Morgan Stanley Debit Card is securely added to Apple Pay, clients can hold their iPhone® 6/6Plus near the contactless reader and, with the touch of a finger, the payment is made. When shopping within apps on their iPhone 6/6Plus, iPad Air®2 and iPad mini™ 3, checking out can be as easy as selecting Apple Pay and placing a finger on Touch ID.

Morgan Stanley Wealth Management clients’ account security is a key priority for the firm, and the Apple Pay feature, which does not share the actual debit card number with the merchants or transmit it with payments, supports that goal. Instead of using the Morgan Stanley Debit Card number, Apple Pay assigns a unique Device Account Number that is encrypted and stored in the secure element on the mobile device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the three digit code from the back of the card. If the client’s device is replaced, lost or stolen, the Morgan Stanley Debit Card information remains safeguarded.

“Offering our wealth management clients the opportunity to use Apple Pay complements our full suite of cash management solutions,” said Eric Heaton, Head of Morgan Stanley’s Private Banking Group. “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.”

Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, banking and lending, cash management, annuities and insurance, retirement and trust services.

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