The Changing Payment Landscape, Simplified

In the world of electronic payment methods, things are changing. Fast. We’re here to give you the low-down on new ways to pay, so you can figure out where you might fit in when the dust settles.

Apple Pay: How it Works  

Apple’s pay-by-phone technology  allows you to complete transactions with a single touch. The iPhone 6 comes equipped with something called Near-Field Communication, which allows users to hold their phone near a contactless card reader and use Touch ID—Apple’s fingerprint-recognizing technology—to make a purchase.

Simply store your card information in an app called Passbook (this automatically comes on Apple’s new devices) and select “Apple Pay” at participating locations.

User Benefits  

Apple Pay is easy to use and works with the iPhone 6 and iPhone 6 Plus with apps, and also with Apple Watch (upon availability) at participating stores. It’s also safe. The technology assigns a unique code to each transaction that is stored within the iPhone, iPad and Apple Watch. This means that your card and transaction information stays private.

EMV /Chip Card: How it Works  

The EMV chip is named after its developers, Europay, Mastercard® and Visa®. This smart chip technology uses chips imbedded in cards, mobile phones and other devices to store sensitive data.

There are two types of chip cards available: contact cards, which are inserted into the card reader, and dual interface cards, which offer contact and contactless options. “Contactless” uses the same no-swipe Near-Field Communication technology as Apple Pay.

User Benefits  

Like Apple Pay, these chip cards are safer than traditional magnetic stripe cards because the data stored in a chip is much harder to access than data on a traditional payment card.

CurrentC/ACH: How it Works 

CurrentC is an app available in iOS and Android app stores that uses QR codes to complete transactions. Either the user or the cashier will scan a QR code straight from the user’s smartphone. Using an Automated Clearing House (ACH) transaction, CurrentC pulls funds directly from the user’s checking account. This eliminates the need to store debit and credit card information.

User Benefits 

Users can earn rewards and points from loyalty programs and can also redeem offers, coupons and promotions. User information stays private with secure Paycodes that are unique to each purchase. Another safety perk: payment information lives on a cloud, not in a phone. Current C’s anticipated release is in 2015.

With so many options available and various merchants adopting or dismissing the different technologies coming to market, it’s still too early to tell where the payment landscape will ultimately settle. But Allegacy is committed to helping you make smart financial choices, which means we’ll keep you informed as things change and progress.

 


 

UPDATE

Soon you will be able to use your Allegacy credit and debit cards with Apple Pay, the easy, secure, and private way to pay. We’ll share more information closer to availability. Thank you for choosing Allegacy!

 

 

About The Allegacy Smart Blog Team

We are a group of Allegacy employees with the mission of moderating a platform that informs, shares and educates.

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26 Responses to The Changing Payment Landscape, Simplified

  1. Preston January 12, 2015 at 8:57 am #

    When will Allegacy offer Apple Pay?

    • The Allegacy Smart Blog Team January 26, 2015 at 12:47 pm #

      We are currently researching a variety of payment options and have some great things coming in 2015. Thank you for your patience.

  2. Josh January 28, 2015 at 4:44 pm #

    Why discuss the benefits of something you do not offer? CurrentC put’s your customer at high risk. Apple Pay would be the preferred payment method for privacy although not well supported through retailers. EMV….why not?

    With sensitive information being stolen everyday through major retailers why hasn’t Allegacy adopted EMV and Apple Pay?

    Every year my account gets compromised. Every year Allegacy sends me a new card. Get’s old after a while!

    Allegacy. Stop Talking about it! Be about it!

    • The Allegacy Smart Blog Team January 30, 2015 at 11:01 am #

      Allegacy is currently researching a variety of payment options and has some great things coming in 2015.

  3. Neil March 14, 2015 at 12:47 pm #

    We cannot wait for this feature. Thanks Allegacy!

  4. Lisa April 23, 2015 at 12:35 pm #

    Any updates on Apple Pay yet?

    • The Allegacy Smart Blog Team May 20, 2015 at 11:08 am #

      Thanks for your interest, Lisa. Please see our UPDATE added to the bottom of this article. You are welcome to join an email group to receive announcements and updates straight to your inbox. Thank you for choosing Allegacy!

  5. Steve April 26, 2015 at 1:48 pm #

    What is the latest on Allegacy using ApplePay? I recently had to have my card replaced after fraudulent charges were found.
    I’d rather use ApplePay than having my info stolen and waiting a week for a replacement card.

    • The Allegacy Smart Blog Team May 20, 2015 at 11:10 am #

      Thanks for your interest, Steve. Please see our UPDATE added to the bottom of this article. You are welcome to join an email group to receive announcements and updates straight to your inbox. Thank you for choosing Allegacy!

  6. Michael June 19, 2015 at 7:36 pm #

    Planning to switch to Allegacy when the King branch opens, but will not switch until you accept ApplePay.

    • The Allegacy Smart Blog Team June 26, 2015 at 7:01 am #

      That’s great news, Michael! Thank you for choosing Allegacy. If you’d like to be the first to know about our progress with Apple Pay, please feel free to subscribe to our email update list (if you haven’t already). We look forward to showing you how financially rewarding and healthy a banking relationship can be.

  7. Mike April 18, 2016 at 12:22 pm #

    Are you considering Android Pay?

    • The Allegacy Smart Blog Team May 11, 2016 at 7:21 am #

      I apologize for the delayed response, Mike. We are looking into Android Pay but no final decisions have been made. If we do decide to implement, and you are interested in helping us test, please reply back here or contact us. Thank you for choosing Allegacy!

      • Benjamin Seats June 10, 2016 at 8:47 pm #

        i would very much like to help test, as well. as a computer specialist, i would very much like to have the newest payment technology available.

        • The Allegacy Smart Blog Team June 13, 2016 at 1:01 pm #

          Thank you for sharing your willingness to test, Benjamin! We’ll be in touch when a decision is made on implementation.

          • Rob Anthony October 19, 2016 at 7:50 pm #

            Any updates on Android Pay?

          • The Allegacy Smart Blog Team October 27, 2016 at 2:53 pm #

            Thank you for your interest. We should have an update after November 3.

  8. Benjamin Seats June 10, 2016 at 8:46 pm #

    okay but what about android pay? some people do not, in fact, like apple products, but would still very much like to take part in the “changing payment landscape”. when do you plan to offer android pay support?

  9. Charles M Davenport August 7, 2016 at 8:40 pm #

    I am willing to test Android pay.

  10. Dilshan Palaninathan August 20, 2016 at 12:19 pm #

    Hello! I have recently switched from iOS to Android, and also hope that the Android Pay option becomes available soon (as I’m sure a lot of Android users are as well). I would be willing to test with your dev teams, so please do let me know.

  11. Spencer Wilcox September 5, 2016 at 6:53 pm #

    As with many other users on this forum, for testing purposes, I would be willing to partake in using my android phone to make purchases.

  12. Andreus Wallace September 11, 2016 at 7:22 pm #

    I would really like to use Android Pay without changing financial institutions, since iv’e been with Allegacy for a long time. While I don’t have a problem testing, there are so many others that have already been using Android Pay i’m not sure how necessary it would be, but i understand why you would want to. I guess you’ll be in touch shortly.

    • The Allegacy Smart Blog Team September 15, 2016 at 7:01 am #

      Thank you for sharing your thoughts, Andreus. We are in the process of implementing Android Pay and we appreciate your loyalty. Thank you for choosing Allegacy!

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