nab prepaid visa debit card

Receipt of this Visa Debit Card does not guarantee that you meet or additions that change the total deposit A prepaid debit card account has been. The name of the AWS seller is noted on your invoice. AWS Inc. accepts credit and debit cards issued by Visa, MasterCard, American Express. $3.75 every time you credit money to the card. As discussed in question 7, debit cards are often touted as a solution in a credit card crisis.

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What Happens When Your Debit Card Expires? (And What To Do)


Here at Be The Budget, we spend a lot of time talking about the benefits of debit cards. But if you’ve been swiping the same card for awhile, you might be wondering, what happens when your debit card expires?

Typically, your bank or credit union will mail you a new miss peregrines home for peculiar children book list card in the weeks or months leading up to your current card’s expiration date. However, if your card has already expired, you will need to call or visit your bank and ask them to issue you a new one.

So, it’s usually not too big of a deal.

That said, if you don’t handle this promptly, your expired debit card can cause quite a few problems in your financial life. That is why we put together this guide to dealing with an expired debit card.

Related Content:

Will A Debit Card Work If It’s Expired?

If you’ve ever tried to use an expired debit card, you have probably experienced the sinking feeling that accompanies your card getting declined. That is because expired debit cards cannot be used to make purchases of any kind.

Additionally, if you have any automatic payments that pull from your expired debit card, you will probably get an email alert that your card was declined. I will touch more on this subject a little later on, but for now, just know that expired debit cards don’t work.

Why Do Debit Cards Expire?

Simply put, the reason debit cards expire and need to be renewed every few years is for fraud prevention.

First of all, the expiration date acts as just one more item a consumer must present in order to prove they are the owner of the card. It’s not enough to just know the card number, a consumer must also know the name on the card, the expiration date, and the CVV number. Nab prepaid visa debit card expiration date is just one piece of the puzzle, which makes the card a little bit more secure.

Additionally, with the rapid advancement of technology these days, card readers, and debit cards need to keep pace. So, renewing your card every few years allows the issuer to provide you with a more secure and up-to-date card.

As an example, I remember not too long ago when debit cards in the U.S. were swipe only. The chip readers weren’t really a thing. But, as debit cards started to expire all across the country, consumers began to receive more secure cards with chips in them. Now, it’s rare to find a debit card without a chip in it.

When Does A Debit Card Expire?

Debit cards typically expire within 2 to 5 years of their issue date, and are good through last day of the expiration month printed on the front of the card. For instance, if your debit card’s expiration date reads 08/23, then it will expire at the end of the day on August 31, 2023.

Do Debit Card Numbers Change With A New Debit Card?

When your card expires, the sixteen-digit number on your new debit card will remain the same as your old card. The only numbers that will change, are the expiration date, and the CVV (Card Verification Value) number.

However, this is not the case in situations of identity theft, or stolen cards.

If somebody steals your debit card, or uses your current card to make unauthorized purchases, you will more than likely be issued a new debit card with a completely different number.

In fact, in many cases, your bank will recommend closing your current checking account, and opening a brand new one.

I know this from experience, because a few years back I found a couple of suspicious transactions in my checking account, and found out that somebody had stolen my identity. Unsure whether they had somehow gotten ahold of my debit card information, or checking account information, I elected to open a brand new checking account. In this situation, both my debit card nab prepaid visa debit card, and my checking account number changed.

3 Things To Do When You Get A New Debit Card

Getting a new debit card can be a little inconvenient, but as I mentioned earlier, it is necessary for your financial protection. And, having been through multiple expired debit cards, I can tell you there are a few things you should do. In fact, here are the three steps I recommend you take when you are issued a brand new debit card.

1. Activate Your New Card

When you get your debit card in the mail, you will notice an activation sticker on the front. Typically, it will have an activation number that you can call, which is the option I always choose. It’s pretty simple. You just call the number, and follow the prompts. Typically you will need to enter your 16-digit card number, the CVV number, and then your pin. And there you go. Your card is activated.

Alternatively, you can just use your new debit card to make an in-store purchase using a card reader. You will need to run the transaction as debit (not credit) and enter your pin in order to activate it. This is a much simpler option, but I still prefer the phone call method to avoid any mishaps at the grocery store while people wait in line behind me. Also, in order for this method to work, you must have a previously established pin.

Another great method for activating your debit card is to use an ATM. If you use your new debit card to make a deposit or withdrawal through an ATM at your bank or credit union, and enter your pin, your card will be activated.

There you have it, three quick and easy methods for activating your new debit card. Now, on to step two.

2. Dispose Of Your Expired Debit Card

Once you know your new debit card is active, it is time for you to get rid of that old, worn down piece of junk debit card you’ve been using for the last three years. But, it is a bad idea to just throw it away.

Instead, you should either shred it, or cut it into small pieces. I even go as far as separating the shredded pieces into a couple different trash bags, which I then throw out on separate trash days. Maybe I’m paranoid, but I figure a couple extra steps to prevent someone from stealing my identity is well worth my time.

3. Update Accounts Associated With Your Debit Card

I made this mistake once, and I will never make it again. When you get a new debit card, you need to go through your finances, and update any accounts associated with your expired debit card. I’m talking about automatic bill payments, online subscriptions, PayPal, Venmo, and anything else that could cause a payment to slip through the cracks.

In fact, I recommend updating all your accounts so that they are associated with your checking account, rather than your debit card. That way, the next time your debit card expires, you won’t have to worry about updating anything. Remember, tour checking account number and routing number don’t change when you get a new debit card.

Related Questions:

Do Debit Cards Have An Expiration Date? Yes, all debit cards have an expiration date. In most cases, you can find it printed on the front of your debit card, and formatted as mm/yy. For example, a debit card that is set to expire at the end of August of 2025 would be shown as 08/25.

Will my new debit card have the same pin? Yes. Typically, when you get a new debit card, your PIN will remain the same. However, in cases of identity theft, or a stolen debit card, you will likely be required to create a new pin. Your PIN is for your financial protection, so be sure to write it down, and never share it with anyone.

How long can you use a debit card after it expires? You cannot use a debit card after it has expired. For example, if the expiration date on a debit card reads 07/23, then the card cannot be used for any purpose after July 2023. This is why banks will send you a new debit card in the months leading up to the expiration of your current card.

What happens when your debit card expires? <div><div><p>Q1 2021 Visa Inc Earnings Call SAN FRANCISCO Feb 11, 2021 (Thomson StreetEvents) -- Edited Transcript of Visa Inc earnings conference call or presentation Thursday, January 28, 2021 at 10:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Alfred Francis Kelly Visa Inc. - Chairman & CEO * Mike Milotich Visa Inc. - SVP of IR * Vasant M. Prabhu Visa Inc. - Vice Chairman & CFO ================================================================================ Conference Call Participants ================================================================================ * Ashwin Vassant Shirvaikar Citigroup Inc., Research Division - MD & Lead Analyst * Bryan Connell Keane Deutsche Bank AG, Research Division - Research Analyst * Christopher Charles Brendler Seaport Global Securities LLC, Research Division - Research Analyst * Darrin David Peller Wolfe Research, LLC - MD & Senior Analyst * Donald James Fandetti Wells Fargo Securities, LLC, Research Division - Senior Analyst * Harshita Rawat Sanford C. Bernstein & Co., LLC., Research Division - Senior Research Associate * James Eugene Faucette Morgan Stanley, Research Division - MD * Lisa Ann Dejong Ellis MoffettNathanson LLC - Partner * Tien-Tsin Huang JPMorgan Chase & Co, Research Division - Senior Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Welcome to Visa's Fiscal First Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Mr. Mike Milotich, Senior Vice President of Investor Relations. Mr. Milotich, you may now begin. -------------------------------------------------------------------------------- Mike Milotich, Visa Inc. - SVP of IR [2] -------------------------------------------------------------------------------- Thank you, Michelle. Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2021 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chairman and Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights will be posted on our IR website. Let me remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our website. For historical non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release. With that, let me turn the call over to Al. -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [3] -------------------------------------------------------------------------------- Thank you, Mike. And good afternoon, and thank you for joining us today. Even with vaccine proliferation on the horizon, COVID-19 infections really continue to rise, causing restrictions to be implemented in many parts of the world. Amidst the pandemic, Visa delivered strong financial results in our fiscal first quarter. And our strategy to enable money movement globally remains clear: pursuing growth through consumer payments, new flows and value-added services. On our call today, let me discuss our Q1 results and then provide detail on our momentum this quarter with clients and the valuable solutions they utilize to drive money movement globally. As I review our Q1 results, recall we are going over a quarter where no one had ever heard of COVID-19. Payments volume, processed transactions and cross-border volume all improved from Q4. Payments volume improved 0.5 point, processing transaction growth improved 1 point and cross-border volume improved 8 points. Net revenues in the fiscal first quarter were $5.7 billion, a year-over-year decrease of 6%. Non-GAAP EPS was $1.42, a decrease of 3%. Through our dividends and buybacks, we returned $2.5 billion of capital to shareholders in Q1. Vasant will cover the spending in great detail, so I want to make a few high-level comments on holiday spending. U.S. holiday spending was quite different this year, but had a similar overall growth to the last 3 years of holiday season led by strong retail growth, somewhat offset by travel, entertainment and fuel. This year, in the U.S., we generally saw a <a href=homes for sale in strafford nh of the trends that have been occurring during COVID: strong debit and e-commerce and weaker credit and card presence. Outside the United States, holiday retail spending growth broadly accelerated, with growth in Canada, the U.K., Brazil and Australia all rising by 5 or more points over last year. Now let me transition to our progress with clients. We continued to win and renew business as we transfer money movement globally through consumer payments, new flows and value-added services. In consumer payments, we continue to focus on digitizing the $18 trillion spent in cash and check globally by working with partners to grow end points and deepen customer engagement with innovation. We are growing credentials with traditional issuers, fintechs and wallets. Let me start with North America. We are very pleased to have renewed our long-standing partnership with Wells Fargo across consumer debit, credit, small business and commercial for the next 6 years. The Bank of Montreal, Canada's fourth largest bank and the only top 5 Canadian bank not previously issuing with Visa, announced a new partnership with us to issue 2 affluent-lifestyle credit card products in the Canadian market. These products are digital-first, targeting the affluent millennial segment and offer strong rewards and value to cardholders in a differentiated and innovative way. In our Asia Pacific region, we won the debit business of Malaysia's AmBank after winning the credit business just a quarter ago. Our relationship with LINE Pay also deepened this quarter on 2 fronts. First in Japan, LINE Pay is now issuing a Visa virtual prepaid card. And second, Visa secured an exclusive partnership with LINE BK, Thailand's first social banking platform, for issuance of Visa Debit cards. Within the first month, LINE BK issued 180,000 Visa Debit credentials. In Russia, YooMoney, one of the country's largest electronic payment services with more than 120,000 merchants worldwide and 40 million end points, signed on to issue Visa credentials in their wallet and enable Visa Direct. In Europe, we had several notable wins as we continue to increase our business on the continent. Visa secured a business agreement with Santander Group, becoming the preferred partner in credit and commercial for Santander banks across 7 countries in Continental Europe. We also won the prepaid issuance of Mooney, the first proximity banking and payments company in Italy, which offers its services through both digital and retail channels with over 45,000 points of sale in rural and urban areas that can reach 20 million customers. Isbank, the largest private bank in Turkey with 20 million cards, has selected Visa for its consumer and commercial credit and debit portfolios. Last, we renewed 2 portfolios with a leading U.K. issuer, one for consumer credit and one for commercial charge card. We also continue to deepen engagement with our partners to find new ways to remove friction and enhance the client experience through innovation. Just yesterday, we announced the global partnership with TransferWise and the first use case of Visa Cloud Connect, a new way to securely connect to VisaNet through the cloud. The new platform will enable the expansion of TransferWise's multicurrency debit cards in Asia Pacific, Europe, the Middle East, the U.K. and the U.S. and deliver a range of financial services via a mobile app to their customers, including currency exchange and P2P payments, all linked to a Visa card. Tap to pay continues to expand, representing almost 2/3 of all face-to-face transactions, excluding the United States. In the United States, we have approximately 300 million contactless cards in place now and have high single-digit penetration of face-to-face transactions. Even at this level, the U.S. is now the fourth largest country in the number of tap to pay transactions. Enablement continues to grow as all 500 of Costco's fuel locations and Chipotle and Nordstrom stores now except tap to pay. I'm also pleased to report that the New York City MTA has completed their rollout to all subways and buses. Processing is also a way to bring Visa's innovations to market, and we have made significant progress in Latin America this past quarter in Ecuador, Colombia and Peru and now have reached 100% processing penetration in Chile. As I close out the consumer payments section, I wanted to note the progress in India. We continue to grow credentials. The Amazon Pay ICICI Bank co-branded credit card in India has set a country record by issuing over 1 million cards in just 20 months. On the acceptance front, India now has 6.5 million acceptance points, including over 1 million QR points, up almost 20 percentage points from a year ago, and 65% of all terminals are tap to pay enabled. The Reserve Bank of India recently raised the contactless limit, which will soon cover 90%-plus of all transactions in India. Visa has entered into new partnerships with leading acquirers, such as SBI Payments, to launch acceptance solutions such as Tap to Phone and contactless. And Visa is partnering with the largest acquirer in India, HDFC Bank, in the launch and scale-up of SmartHub, an app solution bundling payments, banking and value-added services to help small merchants grow their businesses. We're also contributing to India's Payment Infrastructure Development Fund to encourage growth of physical and digital acceptance in underpenetrated geographies by adding 1 million points of sale and 2 million QR points per year over the next 3 years. All of these efforts build on our leading credit and debit market share in India. Now on to the second lever of growth, new flows, which represents $185 trillion in opportunity. We are pursuing this opportunity with our traditional commercial card solutions as well as newer capabilities like Visa Direct and B2B Connect. While we're making progress across all new flows, I'll highlight a few advancements from this quarter. In B2C, big economy payouts and Earned Wage Access continue to grow meaningfully in the wake of COVID. This quarter with DoorDash, we launched the DasherDirect business prepaid card in the U.S., offering the over 1 million Dashers on the DoorDash platform access to daily deposits of earned wages and rich card benefits. In Canada, SkipTheDishes, the country's largest food delivery network, rolled out their Visa Direct-enabled courier payouts called Fast Cash. P2P, which represents $20 trillion of the flows was Visa Direct's first use case and continued to grow substantially. A key area of future growth is cross-border P2P or remittance. Four of the top 5 global money transfer operators were onboarded in fiscal year '20: TransferWise, Western Union, Remitly and MoneyGram, which noted a 500% increase year-over-year in real-time transfers in December alone. Our efforts to expand remittance also extends to fintechs and banks who can enable this capability. Zeepay, a fast-growing African fintech, will use Visa Direct to allow Africans to send money across European and North American corridors and soon will expand to all major corridors globally. TransferGo, a global money transfer company that supports migrant workers to send money back to their relatives without paying unnecessary bank fees, has enabled Visa Direct in 55 markets and has the potential to expand to a total of 178 countries in the future, with the upcoming additions such as the U.K., Italy and Nigeria. Across the globe, in the first quarter, Visa Direct transactions grew almost 60%. Now on to B2B. In cross-border, Goldman Sachs' Transaction Banking recently signed on to employ Visa B2B Connect for cross-border B2B money movement, offering its corporate clients the ability to transact in over 80 markets globally. We are very pleased that nab prepaid visa debit card partnership with Goldman continues to deepen on multiple fronts. In the virtual card-based business, we've expanded our relationship with U.K.-based Conferma Pay to launch Visa Commercial Pay, which has 3 offerings: a mobile app enabling virtual card issuance and management for business incidentals; two, a solution to manage business travel spend with enhanced data; and three, an integrated payables platform that can seamlessly send payments to suppliers. Barclays has already launched this functionality for their commercial clients. Currently, essentially all of these new flows are transacted in traditional fiat currencies. But there's a growing interest in digital currencies, and I wanted to take a minute to talk about how Visa thinks about crypto in general and our approach. In this space, we see ways that we can add differentiated value to the ecosystem. And we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand. We think of the crypto market in 2 segments. First, there are cryptocurrencies that represent new assets such as Bitcoin. Second, there are digital currencies or stable coins that are directly backed by existing fiat currencies. We see all currencies in that first segment as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point. Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally. This is similar to our approach to connect closed-loop wallets such as LINE Pay and Paytm. For the second segment, fiat-backed digital currencies, including stable coins and central bank digital currencies, these are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency. We think of digital currencies running on public blockchains as additional networks just like RTP or ACH networks, so we see them as part of our network of networks strategy. Across both of these segments, we are the clear leader in this space. Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based, BlackFi, Fold and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today. Let me now turn to our third growth lever, value-added services. Here, we saw our revenue grow at 19% in Q1, and let me name a few services with notable progress this quarter. As e-commerce explodes, interest in CyberSource remained strong for merchants account number discover bank well as from fintechs and acquirers looking to leverage our capabilities to offer to their clients. This quarter, 2 additional leading acquirers signed on to use CyberSource: KBank in Thailand and NAB in Australia. As one of the largest debit and prepaid issuer processors, we've been looking to expand Visa DPS globally. In that vein, we are pleased to share that we're bringing our Visa Debit processing system to Europe. DKB, our largest issuing bank in Germany, has chosen DPS as its debit processor and recently processed Visa's inaugural European DPS transaction via their platform. DKB will also be able to take advantage of nearly 20 value-added services through this connection. We have believed for years that installments represent an important opportunity in payments. To enable this capability, we offer our own network solution for issuers, merchants and fintech installment providers to use directly or also work with many -- and we also work with many installment providers to develop new solutions. This quarter, we have updates on 1st community credit union online banking fronts. We signed a global deal with Afterpay, extending our U.S. relationship to an additional 7 countries where Afterpay will use Visa technology to accelerate its global expansion. In addition, Visa and Afterpay will test and collaborate on the application of new technologies like tokenization and Visa Direct. We announced in July that Commerce Bank in the United States was piloting a network solution and has now -- it has now launched with over -- with about 300,000 customers live. Visa also signed Scotiabank as the first Canadian bank to launch a post-purchase installment pilot with employees in December with a full market rollout slated for mid-2021. All of these growth levers, consumer payments, new flows and value-added services, are driven by our network of networks strategy, which is enabling all forms of payments, utilizing all networks and providing the value-added services you would expect from Visa as we enable money movement. In closing, a few points. Domestic volumes driven by debit and e-commerce are really holding up well. Holiday spending, while differing in terms of categories and timing, was quite good. Q1 overall was a very solid quarter and positive momentum continued, albeit we are still impacted by COVID-19. We are continuing to work very hard to balance expense management in recognition of the short-term realities and investing in an exciting set of growth opportunities as we always manage the business for the long term. We continue to be focused on our 3 growth levers, all of which are supported by our network of networks. And lastly, we are hopeful that as vaccines roll out and become more readily available, lockdowns, travel restrictions and capacity constraints will be lessened or eliminated, enabling travel, entertainment and other commerce to grow. With that, over to Vasant for more color on our volumes and our financials. -------------------------------------------------------------------------------- Vasant M. Prabhu, Visa Inc. - Vice Chairman & CFO [4] -------------------------------------------------------------------------------- Thank you, Al. Good afternoon, everyone. During our fiscal first quarter last year, COVID-19 was not yet a word in the English language. This will be the last quarter where our performance is compared to a google play customer service phone number 24/7 with no COVID impact whatsoever. As such, our results this quarter provide a clear picture of the state of the recovery. Overall the quarter was stronger than we expected with net revenue down 6%, largely due to check your balance global cash card cross-border business. EPS declined only 3% helped by lower expenses and a lower tax rate. Exchange rate shifts versus last year increased reported net revenue growth by less than 0.5 point and EPS growth by less than 1 point. As we approach the first anniversary of the pandemic, where do we stand across our key business drivers relative to where we might have been had the pandemic never happened? Global payments volume is 4 to 5 points short of where we might have been, debit has outperformed helped by accelerated cash displacement and credit is still a drag. In the U.S., we are actually back to our pre-pandemic growth trajectory with debit significantly ahead, offsetting credit underperformance. As you know, where we are well behind is in our cross-border business. In the first quarter of fiscal '21, our cross-border volumes were almost 40% lower, excluding intra-Europe volumes, than they might have been had the pandemic never happened, largely due to travel. Cross-border travel volume, both card-present and card-not-present, is still down almost 70% relative to where it might have been at this point. Let's start with a review of the key business drivers in the fiscal first quarter. Global payments volume and transaction growth rates were modestly better than the prior quarter. The cross-border volume recovery continued even as most borders remain completely or partially closed. The trajectory of the domestic spending recovery varies across the globe. Some regions and countries are recovering fast, others are holding steady, while some have slowed in recent weeks as a result of new restrictions. What remains consistent globally is very strong debit and e-commerce spending, which is partially offset by weaker credit and in-store spending. Although constant dollar cross-border volume, excluding transactions within Europe, is still down 33%, there was an 8-point improvement from last quarter. Payment volume on a constant dollar basis grew 4.5%. Debit was up 17%, 3 percentage points lower than last quarter. While credit declined 6%, up 3 percentage points from Q4. Growth excluding China was 7%, up almost 1 point as Chinese domestic volumes continue to be impacted by dual-branded card conversions, which have minimal revenue impact. U.S. volume growth -- U.S. payments volume growth was 8%, up 0.5 point from last quarter. Debit growth remained strong at 21%. Debit growth was 3 points lower than the fourth quarter, largely driven by a step-down in unemployment benefits distributed via Visa prepaid cards. Credit spending declined 3% year-over-year, a 4-point improvement versus last quarter, driven by an acceleration in retail spending and some recovery in travel and restaurant spending. Card-not-present volume, excluding travel, continued to grow over 30% in the quarter, primarily driven by retail spending. The decline in card-present spending was consistent with last quarter. However, performance did deteriorate through the quarter as rising COVID cases led to further government-imposed restrictions in several states and cities. Card-present spending slowdowns were more significant in the restaurant segment as well as during the Thanksgiving holiday weekend across most segments. Across 10 categories, growth was relatively consistent with the prior quarter. Categories which have been growing above their pre-COVID levels have remained elevated, including food and drugstores, home improvement and retail goods. For categories that are the hardest how do you apply for federal unemployment benefits by this pandemic, including travel, entertainment, fuel and restaurants, spending remained depressed with year-over-year declines consistent with last quarter. International payments volume grew 2% in Q1, or 6% excluding China, both of which are up 1 point versus last quarter. A few regional highlights. CEMEA remains our best-performing region, growing 19% in constant dollars in the quarter, a more than 4-point improvement over Q4. The easing of COVID-related restrictions, particularly in the Middle East, and client wins drove the robust growth. Latin America grew 16% in constant dollars, a nearly 10-point acceleration from last quarter. This growth acceleration is fueled by limited COVID-related restrictions in most countries, elevated e-commerce spending compared to other regions and growing our market share with client wins in a few of the larger countries. Europe grew 5% in constant dollars, a 4-point slowdown versus last quarter. This deceleration was driven partially by renewed restrictions in the second half of the quarter due to rapidly rising COVID infection rates, particularly in the U.K., France, Italy and Germany. And also, as you may remember, growth in Europe last quarter benefited from a nonrecurring event in the U.K. related to purchases of higher interest-bearing savings funds. Asia Pacific declined 8% in constant dollars. Excluding China, Q1 spending was flat, a 4-point improvement since last quarter. There continued to be more COVID-related restrictions in effect across Asia than other parts of the world. However, several larger markets, such as New Zealand, Australia, Korea and Japan, have returned to growth. Processed transactions growth was 4%, up 1 point from last quarter. Growth accelerated faster than payments volume as transaction sizes continue to normalize ex Europe. Increased COVID-related restrictions in Europe are driving higher average ticket sizes, causing transactions growth to slow. Latin America is benefiting from processing wins in several countries, including Ecuador, Colombia, Peru and Chile. Visa Direct continues to perform very well, with transactions growing almost 60% globally this quarter. Growth remained strong in every region as we continue to launch new use cases; further penetrate existing use cases, such as Earned Wage Access and cross-border remittance; and expand existing use cases to new geographies. Constant dollar cross-border volume, excluding transactions within Europe, declined 33% in Q1, an 8-point improvement from the last quarter. Travel-related spend declined 64% but improved 6 points versus the fourth quarter. Card-not-present nontravel growth was 20%, up 3 points, fueled by strong retail spending in November and December. Constant dollar cross-border volume, including transactions within Europe, declined 21% in the quarter. Although cross-border travel performance improved steadily through the quarter, the travel improvement was concentrated in only a few markets where borders are open. Travel from the U.S. to several countries in Latin America remained strong, including Mexico and the Caribbean. The U.A.E. has been open to travelers, attracting people from Europe, Russia and other Gulf countries. Also, travel across countries within the former Soviet Union has been growing. Unfortunately, the majority of borders remain closed or imposed significant requirements on international travelers. The World Tourism Organization reported in December that out of 217 countries, 118 countries, or 54%, still had completely or partially closed their borders to foreign visitors. Of the remaining 99 countries, the majority are mandating COVID tests with quarantines. Very few countries have no COVID restrictions. Significant obstacles in crossing borders remain the single most important factor driving the slow recovery of cross-border travel. A quick review of first quarter financial results. Net revenue declined 6%, better than our expectations, primarily due to stronger-than-expected cross-border volumes and lower client incentives. Value-added services continue to perform well, growing 19%. It's important to note that had we recognized service revenues on current quarter payments volume, it would have had minimal impact on our Q1 net revenue growth because payment volume growth was very similar across both quarters. Service revenues grew 5%, roughly in line, with nominal payments volume growth last quarter. Data processing grew 6%, with high teens value-added services call walmart auto center continuing to be partially offset by the mix shift away from higher-yielding cross-border transactions. International transaction revenues were down 28%, 4 points better than cross-border volumes, excluding intra-Europe, due to favorable country mix and currency volatility benefits. Other revenues grew 5% led by value-added services but continue to be negatively impacted by declines in the usage of travel-related card benefits. Client incentives were 24.6% of gross revenues, approximately 1 point lower than expected. This was driven by 3 factors. First, a few large deals expected to be signed in the first quarter were delayed to the second quarter. Second, cross-border volume was better than we expected, particularly in the month of December. As we have said in the past, client incentives are mostly tied to payments volume, so outperformance in high-yielding cross-border volumes lowers our incentives as a percent of gross revenues. And third, payments volume growth only improved 0.5 point versus last quarter. As such, there was minimal impact on current quarter client incentives from current quarter volume. On the operating expense front, we continue to benefit from actions we implemented last spring. Our head count is lower, our spending on external services has been scaled back, travel continues to be very restricted and some marketing spend has been curtailed. Both GAAP and non-GAAP operating expenses declined 10%, which was better than expected, partly due to timing shifts in client co-marketing as well as certain product and technology investments to later in the year. Non-GAAP nonoperating expense was $112 million for the fiscal quarter. This was over $30 million lower than expected due to 2 nonrecurring items. First, investment income tied to deferred compensation was higher. This is offset in personnel costs and, therefore, income neutral. And second, an interest expense reserve was released due to the conclusion of certain tax audits. The non-GAAP tax rate was lower than expected at 16.6%. During the quarter, the conclusion of tax audits in certain jurisdictions resulted in an $81 million benefit. In addition to this specific benefit, our tax rate is typically lower in the first quarter due to the impact of employee equity vesting. GAAP and non-GAAP EPS was $1.42, a decrease of 3%. We bought 8.7 million shares of Class A common stock at an average price of $202.30 for $1.8 billion this quarter. Our Board has authorized a new $8 billion share repurchase program, bringing total funds available for repurchases to over $11 billion. Including our quarterly dividend of $0.32 per share, we returned approximately $2.5 billion of capital to shareholders in the quarter. In December, we repaid $3 billion of debt upon maturity of senior notes issued 5 years ago. Moving on to some perspectives on the second fiscal quarter, starting with business driver trends through January 21. Through January 21, U.S. payments volume growth was 12%, with U.S. debit growing 30% and credit declining 6%. Debit growth is 10 points higher than the November, December run rate fueled by government stimulus payments distributed right around January 1. Weekly growth trends show a sharp step-up in growth in the first week of January and a step-down in week 3. January credit growth has slowed 3 points since December, which is more in line with the November trend. While U.S. payments volume growth has accelerated, there are many countries where constant dollar growth is slowing due to increased restrictions as COVID infections rise. In Asia Pacific, Japan, Australia, India and Singapore payments volume growth has slowed 4 to 5 points versus December. In Europe, countries such as the U.K., Italy, Denmark and Germany all have at least 10 points slower growth in January. So far, growth rates are relatively steady in both CEMEA and Latin America. Through January 21, processed transactions growth remained at 4% with acceleration in the U.S., offset by slowing growth in Europe and Asia Pacific. Cross-border volume, excluding transactions within Europe on a constant dollar basis, declined 33%, in line with the first quarter but below the trends we saw in December. In a nab prepaid visa debit card environment, accurate forecasting remains difficult. How long will elevated spending driven by stimulus payments last? How long will stepped up restrictions and lockdowns persist? How will these 2 countervailing trends balance out country by country? Will cross-border travel sustain the slow recovery even as some new restrictions go into play? These are just some of the uncertainties as we look ahead to the next 3 months. Based on the trends to this point, our best sense is that the second quarter gross revenue growth rate will recover to be flattish with last year with most of the improvement driven by international revenues. Growth in other -- in the other revenue lines is expected to have a small uptick due to easier year-over-year comparisons in the second half of March. First quarter client incentives were 1 point below our expectations. Second quarter client incentives could be 1 point above the high end of the 25.5% to 26.5% range we expect for the year. This would put first half incentives right in the middle of the range. There are several reasons for the step-up of client incentives as a percent of gross revenues in the second quarter even with continued improvement in cross border. First, as I mentioned earlier, a few large deals moved from the first to the second quarter, one of which, Wells Fargo, was signed in January as Al noted. Second, as we told you in October, many clients did not meet certain volume thresholds in calendar year 2020 and, as such, did not earn corresponding incentives. As volume recovers in 2021, we expect clients will hit growth thresholds and earn these incentives. We accrue incentives accordingly, starting with the first quarter of the new calendar year. This quarter is a larger increase unique to the year of the recovery. And third, the impact of renewals we had already expected in the second quarter. Due to the step-up in client incentives as a percent of gross revenue, the net revenue decline in the second quarter is expected to be comparable to the decline we reported in the first quarter even as the gross revenue growth rate continues to recover. Exchange rate shifts could benefit second quarter net revenue growth by less than 1 point. We expect operating expenses to grow in the low to mid-single digits in the second quarter as we begin to lap the expense reductions implemented last year. We still plan to grow expenses in the double digits in the second half as we step up investments on key growth initiatives in anticipation of a return to normalcy by the end of fiscal 2021. Nonoperating expense should be $145 million approximately, which is similar to the first quarter, if you exclude the 2 nonrecurring items I mentioned earlier. There is no change in our tax rate expectations. It is still too early to predict what impact the U.S. election will have on our taxes. As always, we will provide updates as the year progresses. In summary, as you can see, our business remains resilient. Both debit and e-commerce growth are sustaining well above pre-COVID levels as the accelerated shift to digital payments becomes a habit. Cross-border growth is poised to recover sharply once vaccines facilitate reopening of borders and we lap last year's steep declines. Our new flows and value-added services businesses have continued to grow robustly through the worst of the pandemic. As Al indicated, we have stayed focused on our long-term growth initiatives, and we'll be stepping up the level of investment in the second half in anticipation of a post-COVID world with accelerating growth. With that, I'll turn this back to Mike. -------------------------------------------------------------------------------- Mike Milotich, Visa Inc. - SVP of IR [5] -------------------------------------------------------------------------------- We're now ready to take questions, Michelle. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) Our first question comes from James Faucette with Morgan Stanley. -------------------------------------------------------------------------------- James Eugene Faucette, Morgan Stanley, Research Division - MD [2] -------------------------------------------------------------------------------- I just wanted to ask, strategically, how you're thinking about going forward post the Plaid deal that you decided to turn away from. And I guess I'm looking for just comments of how you feel your relationships are with regulators and what makes sense in the future for future technology acquisitions, et cetera. -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [3] -------------------------------------------------------------------------------- Well, thanks, James. Well, first of all, let me answer the last part of the question. This was a single lawsuit brought by a single regulator about one specific M&A transaction, so I don't believe that this portends anything about the future and our ability to continue to try to acquire companies. As we said a couple of weeks ago, we ended up making the decision that this was just going to go on for too long. And we all know that the payments marketplace is moving with great speed on so many fronts. And the idea that we would tie ourselves up on this transaction, and frankly, the plan would tie themselves up through long-term litigation that could go all the way through an appeal, in and of itself was not appealing to us in at and t wireless store near me of all the other things that we thought we could be investing in and spending management time on and spending our dollars on. We're continuing to forge down a path of making sure that we are a real player in this space of open banking and believe that we have a lot of the assets already. What Plaid was going to do was going to get us into the -- specifically into the data extraction type of business, which would have added to our network of networks. But it doesn't, in and of itself, prevent us from doing more going forward. We also still have the ability in that space to partner with Plaid. We have the ability to partner with other players around the world. And in many cases, that might give us the ability to partner with players that understand the nuances of specific markets in which they do work. We'll continue to look to make sure that we -- to the degree that any use cases are going to form here, the most -- the use case that probably would have the most chance of stepping out and being something that takes -- has some legs behind it would be account to account. And I think we're very well positioned there. We're positioned well to make sure that we can provide payment capabilities for the various fintechs that we are doing business with today, and we have the ability to continue to sell value-added services to all of those players. So I think that ultimately, as we have in the past, we will invest to grow internally, we will look to partner and we will look to buy. And it will be a combination of capabilities and approaches that will allow us to continue to be a player in this space. -------------------------------------------------------------------------------- James Eugene Faucette, Morgan Stanley, Research Division - MD [4] -------------------------------------------------------------------------------- That's great context, Al. And just a quick operational follow-up. Obviously, you've taken expenses out of the cost base in the last year as a result of the pandemic. How should we think about what components of that cost base are likely to flow back in as things return to normal versus what could be more permanent changes? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [5] -------------------------------------------------------------------------------- Well, I think when you look at our cost base, the big parts of our cost base are people, marketing and technology. And we do have -- well, we think we have the Tokyo Olympics coming up in the summer months. I mean there are some people who think that might be in some peril. At the moment, it's going forward. We held marketing to really set relatively modest levels in this past quarter, but I would certainly expect us to be driving marketing up. Basically, when we go to market in our business, it's a combination of putting people resources, our technology resources and our marketing muscle behind whatever we're doing. And so those are the areas that I would expect to see us grow going forward. And then, of course, I mean we really have dramatically curtailed T&E and professional services. And I think that to the degree that later in the year we begin to get some people back to offices and we begin to see some people get back on airplanes, we'll see some modest increases in those expense areas. But we've been really careful about both our people-level spending and our technology-level spending and our marketing-level spending. And I think as conditions warrant, we'll be dialing those up. Vasant real estate online classes sc you some insight into what -- where we think expenses are going to be in the second half. And we think there's some really good opportunities that I want to make sure that if, in fact, as we believe that we'll be in some form of normalcy by the end of this fiscal year, we want to make sure that we have good momentum going into fiscal '22. -------------------------------------------------------------------------------- Operator [6] -------------------------------------------------------------------------------- Our next question comes from Tien-Tsin Huang with JPMorgan. -------------------------------------------------------------------------------- Tien-Tsin Huang, JPMorgan Chase & Co, Research Division - Senior Analyst [7] -------------------------------------------------------------------------------- Appreciate all the color on the volume trends. I wanted to ask about value-added services. That was up in the high teens. Curious how sustainable that is, and if that growth could actually step up with the eventual recovery in volume? Just trying to understand how procyclical or not that business is. -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [8] -------------------------------------------------------------------------------- So Tien-Tsin, thank you. I guess a little bit of color for everybody. About 2/3 of our value-added services are in data processing, and they basically are transaction-based revenue streams. And that's CyberSource. That's our risk and identity products. That's DPS. And all of those will tend to continue to produce very good volumes, and they'll move with transactions as transaction tools. About 1/3 of our value-added services are split between services revenue, which tends to be card benefits that are offered as a package. And then in other revenue, we have volumes that are not -- I'm sorry, we have services not tied to volumes, nab prepaid visa debit card like consultants, our consulting practice and travel-related card benefits that obviously have been down. So I think as travel would be -- to come back at some point, that obviously would help that volume. So -- with that color we saw -- obviously, in a world where e-commerce and omni-commerce is becoming a big deal. Cyber volume was very, very good and grow revenue. We continue to have more and more customers engage with us on risk and identity services. And as I said earlier now, we're excited about the fact that we're going to take our debit processing system beyond the United States. And we've now got it -- starting to use it in Europe. I think that, that gives us a good platform for growth going forward as well. -------------------------------------------------------------------------------- Operator [9] -------------------------------------------------------------------------------- Our next question comes from Don Fandetti from Wells. -------------------------------------------------------------------------------- Donald James Fandetti, Wells Fargo Securities, LLC, Research Division - Senior Analyst [10] -------------------------------------------------------------------------------- Al and Vasant, in terms of the cross-border improvement, I thought that was actually pretty decent Q-over-Q improvement on the growth rate. Did the U.S. -- during lockdown, you said it remained strong, but did it improve? Was that a factor in the overall improvement year-over-year? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [11] -------------------------------------------------------------------------------- Don, it was really -- in Latin America, it was really U.S. to Mexico and U.S. to the Caribbean that drove the volume in North America. Beyond that, Dubai opened a bit. Now Dubai is having a little bit of resurgence and just went back into some restrictions earlier this week. But Dubai has been open, and there's been a decent amount of travel intra-Middle East. There's been a little bit of an opening amongst the countries in the former Soviet Union. And then there's been some improvement or some movement in inter-travel within South America. So those are kind of the spots where we've seen the improvements in cross-border. Most of the rest of the corridors around the world continued to be, as Vasant mentioned in his remarks, either closed or subject to, like, really tough restrictions that make it very difficult to -- for somebody to take on traveling. -------------------------------------------------------------------------------- Donald James Fandetti, Wells Fargo Securities, LLC, Research Division - Senior Analyst [12] -------------------------------------------------------------------------------- Then Al, as you look at these numbers, are you still feeling like the data points suggest there's a fair amount of pent-up demand when things do open up? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [13] -------------------------------------------------------------------------------- Well, I think Don, as it relates to consumer travel, which is the vast majority of our payment volume in the travel sector over the years, I do think we're going to see some openings, for sure. I think there's a lot of pent-up demand. I mean there's a lot of people who haven't seen families, parents who haven't seen grandchildren, children who haven't seen parents, and are going to want to jump on planes. I also think a lot of people are stir-crazy and want to get out. And then you've got people who are true global citizens who are knocking things off their to-do lists in terms of places they want to go and places they want to see. So I think consumer travel at the right time, but we need to see these restrictions be mitigated or lessened in a pretty big way. I think it's going to come back quite strongly. I think it's going to take more time to see business travel come back. And frankly, it might take years for business travel to return to what it is. I mean we've all gotten accustomed to talking on video conferences, et cetera. I think we all probably realized that there are trips that we took or authorized in the past that when we look back on it today in the light of talking on video, we say, "Why did we send somebody to that meeting for a 1.5-hour presentation that they could have just as well done on video?" So that's the way I think about it going forward, Don. -------------------------------------------------------------------------------- Operator [14] -------------------------------------------------------------------------------- Our next question comes from Lisa Ellis with MoffettNathanson. -------------------------------------------------------------------------------- Lisa Ann Dejong Ellis, MoffettNathanson LLC - Partner [15] -------------------------------------------------------------------------------- A follow-up question from me on Visa Direct, which you highlighted again grew almost 60% in the quarter. At your Investor Day last February, you had sized the B2C, G2C and P2P markets about 60 trillion in total payment volume. And I believe Visa Direct did about 350 billion last year, so about 0.5% of that. Can you talk about over time, as you're seeing Visa Direct develop, how much of those markets do you think is potentially addressable by Visa Direct? And any hint of the monetization level that we should be thinking about, something similar to domestic debit or different from that? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [16] -------------------------------------------------------------------------------- Well, Lisa, thank you for the question. We -- Visa Direct has the ability to grow on a number of vectors. The 2 that I think are the most obvious is in terms of -- or 3 I'd say: continued penetration of current use cases; new use cases that get developed; and then thirdly, geographic expansion. And this is a business that we're still building out. There's still lots to do in all 3 of those categories. And to an earlier question I think Don asked, we're going to continue to invest in that area. And look, there's markets where we haven't even really laid any trap for Visa Direct. There's use cases where we haven't laid any traps, and our plan is to continue to do that. If we look at the very first Visa Direct use case which continues to grow substantially, P2P payments, there's still lots to do both in domestic P2P payments, but we think our key future growth area is in cross-border P2P and remittance, and we're beginning to take steps there to enable that. And I mentioned in my remarks the fact that we've got relationships with 4 of the 5 top global money transfer operators, and that's helping us quite a bit. I think Earned Wage Access really continues to be a real opportunity. And I touched a little bit on a few of those cases. But there's still lots of geographies and lots of organizations that we have the ability to penetrate to grow that. And then you've got on the B2C use cases, things like food and grocery delivery and online gaming and insurance claim payouts. So all of those are, I would say, in the early innings of a baseball game in terms of our ability to continue to make progress and drive those. So I continue to believe that this platform of which we costco airpods 1st gen generate dozens and dozens of use cases will, for quite some, time be really important to us from a growth perspective. -------------------------------------------------------------------------------- Operator [17] -------------------------------------------------------------------------------- Next question comes from Chris Get solar panels for home with Seaport Global. -------------------------------------------------------------------------------- Christopher Charles Brendler, Seaport Global Securities LLC, Research Division - Research Analyst [18] -------------------------------------------------------------------------------- Al, good to talk to you. I'd love to hear your thoughts on the buy now, pay later phenomenon that seems to be gathering steam, and I know you have a solution there and how big you think that solution could become. And is there any competitive threat from consumers choosing a different payment option in the checkout and when checking online? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [19] -------------------------------------------------------------------------------- Well, Chris, this is a pretty interesting space, and I think we're in the early days in most markets. There's a number of different models. I think I've said before, I think Vasant said before, we're not in the business of picking winners and losers. We see our job as enablement no matter what the model is. But in some cases, the player is the actual lender. In some cases, they're sourcing a lender. In some cases, the installments are very short term, weeks at a time. In some cases, they're long term. Some providers only do installments. Some allow multiple payment options: pay now, pay on delivery, pay off on various numbers of installments. And then obviously, this is where it's exciting for us, multiple ways to pay off installments: virtual cards, debit cards, ACH. And it's also a payment model today that's heavily funded by the merchant. Our strategy, Chris, is to be broad, to play with multiple third-party providers and offer a Visa platform to enable issuers to offer pay now -- buy now, pay now -- pay later capability. And we seek to work with all these options. And obviously, what we want to do is get virtual cards for Visa in place as one option for repayment. We also want to put Visa cards on file as another option. And I would remind you that these installments do break -- at its core, these installments break a transaction or a purchase into 3 or 4 or 5 payment transactions, which is good for us, because it gives us more transactions on which to earn fees. -------------------------------------------------------------------------------- Christopher Charles Brendler, Seaport Global Securities LLC, Research Division - Research Analyst [20] -------------------------------------------------------------------------------- That's great. One quick follow-up if I might is, in places like Sweden where it's become the dominant tender share, did it actually -- do you actually see an impact on volume or are enough people choosing your cards that this will actually impact the volume given how much growth in buy now, pay later is taking place in that area? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [21] -------------------------------------------------------------------------------- So there's only a -- there's a few countries, you mentioned Sweden, another one is Australia. There's not many, there's a few countries where this has really taken off. And I think it certainly had some impact on banks in those markets. But in many cases, because of the kind of payoff capabilities I talked about, card on file, virtual cards, et cetera, a lot of that buy is coming back to us in the form of repayments. -------------------------------------------------------------------------------- Operator [22] -------------------------------------------------------------------------------- next question comes from Darrin Peller with Wolfe. -------------------------------------------------------------------------------- Darrin David Peller, Wolfe Research, LLC - MD & Senior Analyst [23] -------------------------------------------------------------------------------- Just one quick one for Vasant, and then Al, just a more structural one. So I'll just -- if I can just do them both at once. But Vasant, when we look at the incentive side, I know you guys said that it was timing related why it came in below the range this quarter, but it will come in high -- I think you said higher than the range or potentially could be for the next quarter. When we think about when you first guided to the 25.5% to 26.5% range, it was embedding cross-border activity similar to the September quarter, which was -- ended up being better. So I guess I just want to know, you're assuming now some deterioration or more conservatism in cross-border before maybe it gets better later in the year. And then I guess, Al, maybe I could just squeeze in. Structurally, again, things like debit are seeming to be somewhat sustainable. It's not all just people using more nondiscretionary. I'm curious what you would identify now, after having seen about a year of the pandemic almost, where are the top 2 or 3 items you think structurally are impacting your business longer-term and here to stay potentially? -------------------------------------------------------------------------------- Vasant M. Prabhu, Visa Inc. - Vice Chairman & CFO [24] -------------------------------------------------------------------------------- Just taking the incentive question, we try to give you our best sense sort of range. And at this point, the visibility is greatest in the first half since we're halfway through it, and we think we'll be right in the middle of the range. There are many variables here that go into it in a time like this when things are moving around quite a bit. Certainly, cross-border doing better helps. Renewals will have an impact. Sometimes they happen when we expect, sometimes they don't. There's also the year-over-year improvements that our clients have. As you know, last year, many clients, because of the pandemic, didn't hit certain thresholds. This year, if things are recovering faster, there could be -- we think they'll all make their thresholds and more. That has a year-over-year impact and it varies by client. So there's a bunch of these things moving around at the same time. And the good news is we think we're right in the middle of the range, and we'll give you nab prepaid visa debit card as we go through the year. -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [25] -------------------------------------------------------------------------------- Darrin, on your second question, first of all, there's many reasons why debit has been a star here. Not -- you've got the stimulus payments that are on prepaid cards, which count in -- we count prepaid in our debit business. As e-commerce has moved into more everyday categories, people are using debit. People are more comfortable in tough situations, tough times, to use money they have versus borrow money that they don't have. But I think when I look ahead structurally, to answer your question, look, I think e-commerce adoption has probably accelerated 3 to 5 years in the last year. And I don't think that's going backward. I think that people who have gotten used to shopping on their phone or their tablet or their computer are going nab prepaid visa debit card continue to do that. I think the other thing that I look at structurally that's really exciting is there's a great opportunity to continue to grow both sides of this 2-sided market of buyers and sellers. Wallet proliferation is continuing. And we're working really hard to get credentials in wallets, which just adds to the -- these wallets, in essence, of becoming issuers. And that helps generate more buyers. And the cost of acceptance is going down around the world as more and more players are getting into it, and that's going to grow the number of sellers on our network. And as that network grows, I think that's going to be a really positive thing for us. Obviously, e-commerce comes with the issue of no cash, but I think that people are getting increasingly concerned about cash. And the combination of tap to pay in the physical world where the card doesn't need to leave your hands to go to anybody else in order to transact and the fact that e-commerce doesn't -- cash is not an option, those are -- all of those things, I think structurally, are very positive for us. The thing -- on the flip side also, I mentioned that while business travel is a small piece of our overall travel, that will be one of those things that will be a little bit slower to come back and maybe never back at the level it was pre-COVID-19. -------------------------------------------------------------------------------- Operator [26] -------------------------------------------------------------------------------- Bryan Keane from Deutsche Bank. -------------------------------------------------------------------------------- Bryan Connell Keane, Deutsche Bank AG, Research Division - Research Analyst [27] -------------------------------------------------------------------------------- Vasant, I wanted to ask about cross-border. As that comes back, especially likely in this second half of this calendar year, how do we think about the higher yields and profitability, how that will flow to the bottom line versus additional investments you talked about? What would necessarily be those investments? Would it offset completely the benefit we'll see from that cross-border? -------------------------------------------------------------------------------- Vasant M. Prabhu, Visa Inc. - Vice Chairman & CFO [28] -------------------------------------------------------------------------------- Well, I mean there's no question, cross-border coming back has a meaningful impact on our bank asia student account line. You saw that already in the first quarter, our cross-border was better than we expected. And as a result, our revenues were also quite a bit better than we expected. We're saying that we will step up our investment in the second half and expect our expenses to grow double digits, but if the cross-border business comes back in a meaningful way, I mean that's clearly going to be much better growth on the top line than that double-digit increase in expenses that we're planning. Also, you should remember that we start lapping the declines in our expenses from last year. Our expenses last year declined by 5% or so in the second half. So when we grow them double digits this year, this fiscal year in the second half, over a 2-year period, we're only growing them about 5%. So net-net, I mean cross-border coming back is going to have a very positive impact on our business, especially if it comes back faster than we might be expecting. In any case, the comparisons get better, so you will begin to see growth in the cross-border business just because of what happened last year. -------------------------------------------------------------------------------- Operator [29] -------------------------------------------------------------------------------- Our next question comes from Harshita Rawat from Bernstein. -------------------------------------------------------------------------------- Harshita Rawat, Sanford C. Bernstein & Co., LLC., Research Division - Senior Research Associate [30] -------------------------------------------------------------------------------- I have a question on your volume metrics. If I compare your metrics relative to your closest peer, over the last 2 quarters, we have seen the reverse of your Europe and U.S. volume growth rate, has been faster than your peers. How should we think about that? Is it some deal flow coming in, your partnerships with fintech, the Visa Direct in the numbers? Any color there would be helpful. -------------------------------------------------------------------------------- Vasant M. Prabhu, Visa Inc. - Vice Chairman & CFO [31] -------------------------------------------------------------------------------- Well, it's always a variety of reasons depending on what your -- the component of the business you're looking at. I mean clearly, the mix of the business between debit and credit has an impact. You all know that debit has clearly outperformed as the primary driver of cash conversion globally. And then in those parts of the world like the U.S. where debit has been a mechanism for distribution of stimulus payments, it's also benefited from that. So mix of business makes a big difference. We are not seeing any reason why that it will not continue to outperform. And credit is recovering, and that's a positive trend. If you look at places around the world, I mean in Europe, the bulk of the slowdown from Q1 to Q2 was the growing of -- the fact that we had that benefit in the first quarter. We've had some small impact from restrictions. But unless restrictions are becoming more significant, this trend seems to be improving almost everywhere. You saw that in Latin America and CEMEA where we saw meaningful acceleration, and we're not seeing much impact on those trends from additional cases. So overall the U.S., as I said in my comments, it's almost as if the pandemic didn't happen, right? We grew around 8% first quarter last year, we grew 8% again first quarter this year where, if you believe our growth rate is 8% or 9%, we're almost back on the growth rate. Internationally, we're getting there. And we think that, that trend is meaningfully improving, as you saw. Where we're lagging certainly, where the trend is still soft, is Asia where restrictions remain still significant. And in Europe, there's some increasing restrictions now, and we'll see how they play out. -------------------------------------------------------------------------------- Operator [32] -------------------------------------------------------------------------------- Ashwin Shirvaikar from Citi. -------------------------------------------------------------------------------- Ashwin Vassant Shirvaikar, Citigroup Inc., Research Division - MD & Lead Analyst [33] -------------------------------------------------------------------------------- I have questions on pricing. Wondering if -- and I know you price for value, but I'm kind of wondering if -- as the economy hopefully gets better, how do you think of pricing? Is there perhaps a catch-up in pricing? Or do you revert to normalized long-term pattern? Or do you just see a tougher environment for pricing within the interchange model? And then sort of the addendum to that, is there a natural benefit from Brexit news flow couple of days back about that? And how do you account for that? -------------------------------------------------------------------------------- Alfred Francis Kelly, Visa Inc. - Chairman & CEO [34] -------------------------------------------------------------------------------- Well, I'll make a couple of comments, and Vasant could certainly add. Ashwin, on your last point, I'm not going to make any comment on the Brexit situation. We've not announced anything. Therefore, I don't think it's prudent to comment. I think that we made some decisions to delay pricing out of this past year because of the realities of COVID. But we're going to -- we plan to move ahead with previously delayed pricing increases in April of this year. We also have a small number of minor pricing changes. The impact won't be very big. And I think going forward, I think we'll continue to deliver the value that we want to deliver. I think that there's opportunity across all 3 of our growth strategies, core payments, new flows and value-added services, to look at pricing. Vasant, will you add anything? -------------------------------------------------------------------------------- Vasant M. Prabhu, Visa Inc. - Vice Chairman & CFO [35] -------------------------------------------------------------------------------- No, nothing more to add. -------------------------------------------------------------------------------- Mike Milotich, Visa Inc. - SVP of IR [36] -------------------------------------------------------------------------------- Thank you, everyone, for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great evening. -------------------------------------------------------------------------------- Operator [37] -------------------------------------------------------------------------------- And thank you. This concludes today's conference call. You may go ahead and disconnect at this time.


Apple Pay

Mobile payment and digital wallet service

Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web using Safari. It is supported on the iPhone, Apple Watch, iPad, and Mac. It is not available on any client device that is not made and sold by Apple (in particular, it cannot be used on any Android device, nor on any browser running on Windows). It digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay-specific contactless payment terminals; it can work with any merchant that accepts contactless payments.[1] It adds two-factor authentication via Touch ID, Face ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple's Touch ID and Face ID for biometric authentication.

Originally launching in the United States, Apple Pay is available in Israel, Azerbaijan, Bahrain, the United Kingdom, Canada, Australia, Brazil, Mexico, Colombia, Costa Rica, the United Arab Emirates, Saudi Arabia, Qatar, Russia, Ukraine, Kazakhstan, China, New Zealand, Singapore, Hong Kong, Japan, Macau, Georgia, Belarus, Montenegro, Serbia, South Africa, and all countries in the European Economic Area (EEA).[1] Apple Pay supports both international payment schemes—such as American Express, Visa (including Electron and V Pay), Mastercard (including Maestro), and Discover—as well as country-specific domestic payment schemes like China's UnionPay, Japan's JCB, France's Cartes Bancaires, Canada's Interac, Australia's eftpos, Saudi Arabia's mada, Germany's Girocard and Russia's Mir. Participating banks vary by region.

Apple Pay can also be used to ride some public transport networks[2] either through the use of credit/debit cards (open loop) (for example across TfL in London, and at OMNY readers across New York City's subway and bus network) or dedicated travel cards such as JR East's Suica, the Chicago Transit Authority's Ventra, the San Francisco Bay Area's Clipper (closed loop) and Hong Kong’s Octopus Card.


Device compatibility[edit]

The service is compatible with iPhone 6 and newer, iPad Air 2 and newer, Macs with Touch ID, and all Apple Watches. It can store between 8–16 cards (passes such as loyalty cards and tickets do not count against this limit.)[3]


Apple Pay uses[4] the EMV Payment Tokenisation Specification.[5]

The service keeps customer payment information private from the retailer by replacing the customer's credit or debit card Funding Primary Account Number (FPAN) with a tokenized Device Primary Account Number (DPAN), and creates a "dynamic security code [.] generated for each transaction".[6] The 'dynamic security code' is the cryptogram in an EMV-mode transaction, and the Dynamic Card Verification Value (dCVV) in a magnetic stripe data emulation-mode transaction. Apple added that they would not track usage, which would stay between the customers, the vendors, and the banks. Users can also remotely halt the service on a lost phone via the Find My iPhone service.[6]

To pay at points of sale, users hold their authenticated Apple device to the point of sale system's NFC card reader. iPhone users authenticate by using Touch ID, Face ID,[6][7] or passcode,[7] whereas Apple Watch users authenticate by double-clicking a button on the device.[8] To pay in supported iOS apps, users choose Apple Pay as their payment method and authenticate with Touch ID or Face ID.[6] Users can add payment cards to the service in any of four ways: through the payment card listed on their iTunes accounts, by taking a photo of the card, being provisioned from within the card issuer's app, or by entering the card information manually.

Although users receive immediate notification of the transaction, the Apple Pay system is not an instant payment turbotax netspend card phone number, because the fund transfer between counter-parties is not immediate.[9] The settlement time depends on the payment method chosen by the customer. (An exception being air fryer toaster oven walmart made using a Japanese Suica card, which stores the bmo bank id transit number balance on the card itself and can transfer funds directly to the merchant without the need for an online connection.)

In the United Kingdom, traditional contactless payments using bank cards are limited to £100 (previously £45 until 14 October 2021)[10] as no cardholder authentication is provided as part of the transaction. Payments using Apple Pay, however, support payments of any amount owing to the increased security and lower risk of fraud in Apple Pay transactions (although some issuing banks may impose their own transaction limits, and not all contactless readers support this functionality – see CDCVM below).[11] Similar transaction limits apply in other countries.

Apple assumes some liability for fraudulent use of the service.[6] Banks are expected to carry the burden of the service, and Apple is said to have negotiated smaller transaction fees. In turn, the banks hoped to capture purchases that were formerly handled without credit.[12]Financial Times reported that Apple receives 0.15% cut of US purchases made with the service,[13] but, following the UK launch, reported that Apple's cut is much lower in the UK. This is largely because Regulation (EU) 2015/751 capped interchange fees in the European Economic Area at 0.3% for personal credit cards and 0.2% for personal debit cards with effect from June 8, 2015.[14][15] In Russia, Apple receives 0.05% for debit cards and 0.12% for credit cards of each purchase, in addition, the bank pays 45 rubles a year for each card added in the service.[16]

Consumer Device Cardholder Verification Method (CDCVM)[edit]

In EMV-mode transactions, Apple Pay supports the use of the Consumer Device Cardholder Verification Method (CDCVM) using Touch ID, Face ID, or the phone's or watch's passcode. The use of CDCVM allows for the device itself to provide verification for the transaction and may not require the cardholder to sign a receipt or enter their PIN. Additionally, in certain markets which have a 'no verification contactless limit' using contactless cards (such as the £45 limit in the United Kingdom and the C$100 limit in Canada and the 300SAR limit in Saudi Arabia), the use of CDCVM can enable merchants to accept transactions higher than these amounts using Apple Pay, providing their terminal software is updated to support the latest network contactless specifications.[17]

Express Transit or Express Travel[edit]

Since iOS 12.3, supported credit and debit cards, as well as some stored-value transport cards (such as Shanghai & Beijing transit cards, Suica, MTA and TriMet) can be used to pay for journeys on certain public transport networks without requiring the user to authenticate the payment with Touch ID or Face ID.[18] Once a supported credit, debit or transit card is selected as a user's Express Transit/Travel card, the user can simply hold their device near the card reader, for example at ticket barriers, to initiate or authorise payment for the journey.

Within iOS, the functionality is labelled as "Express Transit" in North America and "Express Travel" in most other English-speaking countries, because "transit" in most varieties of English has a narrower meaning of travelling through a jurisdiction or airport during a journey as opposed to travel or transport in general.

On iPhone XR, iPhone XS, iPhone XS Max and later, Express Transit/Travel cards can be used up to five hours on Power Reserve after the device has powered off due to a drained battery. The typical low-battery icon will nab prepaid visa debit card with "Express Cards Available" text appearing at the bottom of the display, letting users know that Express Transit/Travel is still available for usage.

(Express Mode more generally is also available for contactless student ID cards stored in the Wallet app[19] as well as digital car keys.[20]

A security flaw was reported in September 2021 whereby Visa cards configured for Express Travel/Transit can be charged with unlimited amounts by non-transport merchants without user authentication.[21][22][23]

Global acceptance[edit]

About two-thirds of merchants accept Apple Pay, but many terminals don't.[24] Due to provisioning differences between countries (and even between issuers), users may encounter acceptance issues when travelling to a different country. Some known examples include:

  • Canada, UK, Saudi Arabia, and possibly other non-US-issued Visa cards only support EMV-mode transactions and not legacy magnetic-stripe data-emulation transactions. Some contactless terminals in the US do not support EMV-mode contactless transactions (even if they support EMV contact transactions), and therefore these visitors to the US will receive a 'Could Not Complete Payment' error on the iPhone screen and an error on the terminal when attempting to use Apple Pay.

Apple Cash[edit]

Apple Cash, formerly Apple Pay Cash, is a feature that allows the transfer of money from one user to another via iMessage. When a user receives a payment, the funds are deposited in the recipient's Apple Cash card, where it is available for immediate use at merchants that accept Discover. Alternatively, the user can choose to transfer the balance to a nominated bank account via ACH transfer. Apple Cash is only available in the United States.[25][26]


Apple Pay does not cause additional fees for users and merchants. A card holder has a contract with the card issuer. A merchant has a contract with an acquirer. The acquirer has a contract with the card issuer. In Switzerland, participating card issuers pay for the service. In 2020, Swiss banks paid a fixed commission 0.275 CHF (0.26 USD) quarterly on every card to Apple. Additionally, they paid 0.12% for credit card transactions, and 0.17% for web or app based transactions. Swiss antitrust authorities require that an acquirer pays maximum 0.44% of the transaction amount to the issuer. The competition comission calls this amount "interchange fee". Apple charges between 27% and 39% of the credit card issuers income earned from the acquirer.[27][28][29][30][31]



The service was in preparation for "a long time", as Apple acquired startups, hired executives and filed patents related to payments.[6] Apple partnered with American Express, MasterCard and Visa. Their joint project began in January 2013, though they had discussed Apple's potential involvement for years. Their joint solution was a system where single-use digital tokens would replace the transfer of personal information.[12] A Visa executive said that 750 people at the company worked on the anonymized "token" system for a year, and the other partners had similar teams in collaboration.[32] MasterCard began work on the project in 2013 and hoped that their joint work would become a "standard for mobile payments".[32] The announcement of the service came at a time first trust online business banking sign MasterCard and Visa policy created strong incentives for upgrading to mobile payment-compatible point of sale systems.[6] Apple then approached several big banks in mid-2013 and did not divulge the names of the other banks. To maintain secrecy, JPMorgan set up a windowless "war room" where the majority of the sensitive work was done. Of their 300 people on the project, about 100 knew that the partner was Apple. Others close to the project did not know it was named "Apple Pay" until the announcement. The company's participation remained a secret leading up to its announcement.[12]


The service was announced at Apple's iPhone 6 event on September 9, 2014. At its announcement, Apple CEO Tim Cook described the magnetic stripe card payment process as broken for its reliance on plastic cards' "outdated and vulnerable magnetic interface", "exposed numbers", and insecure "security codes".[6] The iOS 8.1 software update accompanying the service's launch activated Apple Pay on compatible devices.[6][8][33] The company announced an API for app developers to build Apple Pay checkout into their apps.[6]


The service initially supported US-issued payment cards. An international roll-out was ongoing, beginning with support for UK-issued payment cards in July 2015.[34] On December 17, 2015, Apple announced that it would launch Apple Pay with fifteen major banks in China,[35] and Chinese users could start to use Apple Pay on February 18, 2016.[36]

In October 2015, Apple Pay vice president Jennifer Bailey confirmed that KFC, Chili's, and Starbucks would begin accepting Apple Pay in 2016.[37]


On March 8, 2016, ExxonMobil officially launched Apple Pay support within its Speedpass+ iOS app, letting customers pay for gas or car washes directly from their iPhone, eliminating the need to use the ExxonMobil's physical NFC Speedpass keychain token at the point of transaction.[38]

On April 27, 2016, ANZ made Apple Pay available to their American Express and Visa cardholders in Australia.[39][40]

On May 4, 2016, Kohl's became the first retailer to allow the use of Apple Pay with Kohl's Charge Cards or other credit or debit cards enrolled with Apple Pay and simultaneously earn Yes2You Rewards[41] loyalty points with a single tap using Apple Pay. JC Penney announced that they would be rolling out the same in the near future.[42]

On May 10, 2016, Apple Pay expanded the service in Canada to customers of RBC, CIBC, ATB Financial and Canadian Tire Bank. The expansion includes varying support for Visa, MasterCard, and Interac, covering most major debit and credit cards in Canada. Apple Pay was previously only available in Canada for non-bank-issued American Express cards. Apple Pay was expanded to TD Canada Trust, Scotiabank, and the Bank of Montreal in June to complete the rollout across Canada's Big Five financial institutions.[43] Apple Pay support is also coming soon to Air Canada, Aldo Group, Domino's Pizza, Pizza Pizza, Zulily, and the Toronto Transit Commission. Additionally, the payment service is integrated into the iPhone and iPad applications for the Apple Store, Delta Air Lines, Etsy,, Groupon, Kickstarter,, Starbucks, Ticketmaster, Uber, and Zara starting in June 2016.[44]

On May 19, 2016, Chime Banking initiated its support of Apple Pay.[45]

Apple Pay launched in Singapore on April 19, 2016, with American Express issued cards. On May 25, 2016, this was extended to support Visa and MasterCard credit and debit cards issued by Singapore's five major banks, translating to about 83 percent of credit and debit cards in the country.[46]

BMO, Scotiabank, and TD Canada Trust, which make up three of the five largest banks in Canada, rolled out Apple Pay support on June 1, 2016.[47]

On June 1, 2016, KFC has announced that it accepts Apple Pay at some of its U.S. restaurants, with nationwide adoption to be completed by the end of the summer.[48]

On June 3, 2016, GrubHub began accepting payment from its customers using Apple Pay on its two applications; Grubhub and Seamless.[49] The company is keeping up with its rivals in adopting the payment service as Caviar, DoorDash, and Postmates.[50]

Apple announced at its WWDC 2016 keynote on June 13, 2016, that Apple Pay will be entering three new markets; France, Hong Kong, and Switzerland over the following months in partnerships with Visa, Mastercard, and American Express. Visa and Mastercard cards will be supported in all three markets, while American Express will also be available in Hong Kong. The specific credit, debit, and prepaid cards that can be used in each country vary depending on the participating issuers[51]

  • France at launch will include Banque Populaire, Boon, Caisse Epargne, Carrefour Banque, Orange, and Ticket Restaurants. It will also be accepted at many retailers in France, including Apple, Bocage, Boulanger, Cojean, Dior, Fnac, Le Bon Marché, Louis Vuitton, Orange, Pret a Manger, Parkeon, Sephora, and at nab prepaid visa debit card locations where contactless payments are already accepted.[52]
  • Hong Kong at launch will include the Bank of East Asia (BEA), Bank of China (Hong Kong), DBS Bank (Hong Kong), Hang Seng Bank, HSBC, and Standard Chartered. Apple Pay will also be accepted at 7-Eleven, Apple, Colourmix, KFC, Lane Crawford, Mannings, McDonald's, Pacific Coffee, Pizza Hut, Sasa, Senryo, Starbucks, ThreeSixty, and at other locations where contactless payments are already accepted.
  • Switzerland's launch of the service was on July 7, 2016, with Mastercard and Visa.[53] Initial banks deploying Apple Pay in Switzerland include Bonus Card, Cornèr Bank [de] (Cornèrcard), and Swiss Bankers. Apple Pay will also be accepted at retail locations of Aldi Suisse, Apple, Avec, Hublot, K Kiosk, Lidl, Louis Vuitton, Mobilezone, Press & Books, SPAR, TAG Heuer, and at other locations where contactless payments are already accepted.
  • A month after Apple Pay launched in Hong Kong, the service has expanded to The Bank of East Asia (BEA) and Hong Kong Telecom (HKT)'s Tap & Go contactless payments network.[54]

On June 26, 2016, Bendigo & Adelaide Bank alongside Commonwealth Bank, National Australia Bank and Westpac sought authorization from the Australian Competition & Consumer Commission (ACCC) for third party access to the iPhone's NFC chip (limited to Apple Pay) in order to distribute their own mobile wallet without any delays nor interference from Apple and also to collectively negotiate passing Apple Pay fees to cardholders. This action received support from the likes of Heritage Bank, Tyro Payments and Coles. An interim authorization, however, was not granted on August 19, 2016. A draft determination also denied the authorization on November 29, 2016. After a three-month extension, the ACCC released a determination denying authorization on March 31, 2017. During this time, the banks involved in this action held a collective boycott of the service.[55]

Under a partnership with American Express, Hong Kong and Spain will also get Apple Pay support in 2016.[56]

Bank of America is outfitting some of its ATMs with Apple Pay support and the ability to withdraw cash using it. The new Apple Pay enabled ATM is outfitted with the NFC reader and logo that Apple Pay users have become used to seeing since the service launched. The NFC reader is located directly to the left of the card reader, although unlike the card reader, the NFC reader does not light up. Bank of America has launched a new website[57] detailing the simple process of withdrawing cash with a smartphone (Google Pay, Samsung Pay, or Apple Pay). Bank of America says that "Consumer Debit Cards, U.S. Trust Debit Cards, Small Business Debit Cards (owner card only)" are supported.[57][58]Wells Fargo and JPMorgan Chase also integrated Apple Pay support into their ATMs.[59]

On August 18, 2016, Apple announced it has added Apple Pay support for customers of Yorkshire Bank and Clydesdale Bank in the United Kingdom.[60]

On August 29, 2016, ANZ expanded their support for Apple Pay to support MasterCard holders in Australia.[61]

On September 7, 2016, Apple announced that iPhone 7 and Apple Watch Series 2 users in Japan can add both local credit cards and FeliCa cards to their Apple Pay wallets. Only Suica cards are supported by Apple Pay, which can be used at subway stations, convenience stores, etc., just like regular Suica cards. Apple Pay also supports payment via all QUICPay and iD enabled terminals that are already popular in Japan.[62][63][64]

Taiwan's Financial Supervisory Commission began accepting applications from the country's banks offering Apple Pay to their customers on September 28, 2016. This includes the banks; CTBC Bank, Cathay, United Commercial Bank, E.SUN Commercial Bank, and Taishin International Bank.[65]

On October 13, 2016, Apple Pay rolled out in New Zealand, available to customers with Visa credit or debit cards issued by ANZ.[66]

On November 15, 2016, Apple Pay was made available to credit unions and minor banks under the Cuscal network in Australia.[67]

On December 1, 2016, Apple Pay started operating in Spain available to customers with cards issued by American Express, Banco Santander, Ticket Restaurante and Carrefour.[68]


On January 13, 2017, ANZ was one of the first banks to release an instant provisioning service with Apple Pay in Australia, this allowed for customers to utilize the service even when they lost or had their card stolen.

On January 28, 2017, Credibanco and Redeban Multicolor enabled contactless payments such as Apple Pay; it was available by virtual prepaid card service like Boon Payment by Wirecard, Square Cash by Squareup and Yandex Money. Also, Apple Pay enabled bank cards are accepted.

On March 7, 2017, Ulster Bank and KBC Bank Ireland became the first banks in Republic of Ireland to launch Apple Pay.[69][70]

On March 29, 2017, Apple Pay launched in Taiwan with seven banks.

On May 17, 2017, Apple Pay launched in Italy (including San Marino and Vatican City) with boon., Unicredit and Carrefour Bank, also introducing support for Mastercard's Maestro and Visa's VPay, not available to use with Apple Pay in other countries.

On May 18, 2017, Apple Pay expanded in Ireland to include bank Allied Irish Bank.

On October 17, 2017, Apple Pay rolled out to the eftpos card network in Australia, marking the first card tokenisation service of the network. The rollout was only limited to ANZ Access cards and could only be used in physical stores.[71]

On October 23, 2017, Apple Pay expanded to Sweden, Denmark, Finland, and the United Arab Emirates.[72]

On October 24, 2017, BNZ (Bank of New Zealand) became the second bank in New Zealand to offer Apple Pay to their customers with eligible Visa cards.[73]

On November 28, 2017, Bendigo Bank was the first bank after the denied ACCC authorization to roll out Apple Pay to its Mastercard customers.[74]


On February 1, 2018, Apple has confirmed that Apple Pay will arrive in Brazil as it announces its fiscal first-quarter results for 2018.

On March 28, 2018, Bendigo and Adelaide Bank subsidiary and neobank Up announced support for multiple mobile wallets, one being Apple Pay.[75]

On March 30, 2018, iOS 11.3 released, Apple Pay supports the Shanghai Public Transport Card (SPTC) and Beijing Transportation Card for local buses, subways and other public transportation. The SPTC can also be used for public transportation in cities that have joined the City Union plan.[76]

On April 4, 2018, Apple Pay launched in Brazil with Itaú Unibanco (including Credicard).[77]

On May 1, 2018, Apple has confirmed that Apple Pay will arrive in Norway, Poland, and Ukraine as it announces its fiscal second quarter results for 2018.

  • On May 17, 2018, Apple Pay launched in Ukraine with PrivatBank.[78]
  • On June 19, 2018, Apple Pay launched in Poland with Alior Bank, BGZ BNP Paribas, BZ WBK, Getin Bank, mBank, Nest Bank, Pekao, and Raiffeisen Polbank.[79]
  • On June 20, 2018, Apple Pay launched in Norway with Nordea, Santander, and Sbanken.[80]

On July 31, 2018, Tim Cook announced on the Q3 2018 Earnings Call, that Apple Pay would launch in Germany later in 2018.[81]

On August 14, 2018, Apple Pay expanded in Brazil to include Banco Bradesco and Banco do Brasil.[82]

On September 18, 2018, similar to the Bank of America ATM rollout, ANZ made their contactless ATM available to all mobile wallets including Apple Pay. Contactless withdrawals were previously exclusive to their proprietary ANZ Mobile Wallet app.

On November 5, 2018, Apple announced the launch banks for the upcoming launch in Germany. This includes Deutsche Bank, HypoVereinsbank, comdirect, Fidor Bank, Hanseatic Bank, N26, bunq, VimPay and boon. by Wirecard.[83] American Express will also support all self-issued cards from launch. Payments networks include American Express, Mastercard (along with the debit brand Maestro), and Visa. The German national debit card scheme Girocard will not be part of the launch.

On November 8, 2018, Bendigo and Adelaide Bank subsidiary and neobank Up announced their instant provisioning service, being the second bank in Australia to do so. It also allows for customers to start using the banking service with Apple Pay before their physical card arrives.[84]

On November 28, 2018, Apple Pay launched in Belgium with an exclusive partnership with BNP Paribas Fortis, along with its subsidiaries Fintro and Hello bank![85] and support for the MasterCard, Maestro and Visa payment networks. In Kazakhstan Apple Pay launched with support from ATFBank, Eurasian Bank, Halyk Bank, Sberbank, Bank CenterCredit and ForteBank.[86]

On December 11, 2018, Apple launched Apple Pay in Germany along with a press conference at the Allianz Arena in Munich, the home stadium of the major football team Bayern München.[87] Apple also announced more banks to follow in 2019, including the major banks DKB, ING, Consorsbank (BNP Paribas), Consors Finanz (BNP Paribas), and the British FinTech Revolut. Meanwhile, on the same day as the launch in Germany, the German Public Savings Banks Association (DSGV / Sparkasse), with the largest share of consumer banking in Germany, has announced that it is seeking to gain access to the NFC chip in iPhones for their own proprietary payment solution.[88]

On December 14, 2018, Commonwealth Bank announced Apple Pay on its social media, which would launch in January 2019 for its customers.[89]


On January 14, 2019, Apple Pay was confirmed by local banks in Czech Republic,[90] where it is expected to launch on February 19,[91] and Slovakia and Slovenia with launch expected during March.[92]

On January 18, 2019, Apple Pay announced support for dual-network debit cards in Australia. ANZ Visa debit cardholders can choose to pay via the Visa network (credit) or the Eftpos network (savings and cheque).[93]Eftpos also announced that Apple Pay can be used for cash out at Bunnings Warehouse and McDonald's with more participating retailers rolling out later.[94]

On January 22, 2019, Apple reportedly rejected a plan to launch[95] Apple Pay in Belarus.

On January 23, 2019, nab prepaid visa debit card two years of the declined ACCC determination, Commonwealth Bank and its subsidiary Bankwest rolled out Apple Pay to personal cardholders.[96][97]

On January 28, 2019, news surfaced in Germany[98] that the Volks- and Raiffeisenbanken (through BVR - National Association of German Cooperative Banks) were in negotiations to launch Apple Pay later in 2019. The co-operative banks are one of the three main pillars of Germanys unique retail banking structure, with a market share of around 20%.[99]

On March 25, 2019, Apple Card was announced in partnership with Goldman Sachs and Mastercard.[100]

On March 27, 2019, Austrian bank Erste Bank und Sparkasse, prepaid service boon. from Wirecard, German bank N26, Slovakian bank Slovenská sporiteľňa,[92] and Romanian banks ING Bank Romania and Banca Transilvania announced that Apple Pay is coming soon to Austria, Romania, Estonia, Greece, Portugal, and others.[101][102][103] An upcoming announcement had become apparent after Austria had been marked as a supported country in an Apple Pay world map shown during the Apple Keynote earlier that week.[104]

On April 2, 2019, Apple Pay had its first addition of banks in Germany after the launch in late 2018.[citation needed]Consors Finanz (BNP Paribas), Monese, Viabuy,[105] Crosscard,[106] and Fleetmoney[107] joined the 12 launch banks.[citation needed]Westpac New Zealand launched Apple Pay on this date as well.[108]

On April 4, 2019, Slovakian bank mBank announced upcoming support for Apple Pay on their website.[109]

On April 4, 2019, BGL BNP Paribas bank announced on Twitter account that Apple Pay is coming to Luxembourg soon.[110]

On April 12, 2019, Portuguese bank Crédito Agrícula announced upcoming support for Apple Pay on their website.[111]

On April 24, 2019, Apple launched Apple Pay in Austria with Erste Bank und Sparkasse and N26. Other services marked as coming soon are, amongst others, Bank Austria, Revolut and VIMpay. In Germany, Consorsbank (BNP Paribas) was added to the list of supported banks. In Spain, interbank network EURO 6000 and all its members (ABANCA, Caixa Ontinyent, CajaSur, Cecabank, iberCaja, Kutxabank, Liberbank and Unicaja Banco) started to offer support for Apple Pay.

On April 24, 2019, Slovakian bank Tatra banka announced upcoming support for Apple Pay on their Facebook page.

On May 1, 2019, ING announced that it will bring Apple Pay to the Netherlands, being the first Dutch bank to do so.[112]

On May 8, 2019, Apple Pay launched in Iceland with Landsbankinn and Arion Bank.[113][114]

On May 15, 2019, Monese announced that they will bring Apple Pay to Bulgaria, Croatia, Cyprus, Estonia, Greece, Italy, Lithuania, Liechtenstein, Latvia, Malta, Portugal, Romania, Slovakia, and Slovenia.

On May 21, 2019, NAB and its subsidiary UBank rolled out Apple Pay. Apple Pay is available in Hungary (with Maestro and MasterCard) and Luxembourg.[115][116]Monese started supporting Apple Pay in Iceland & Norway. Portland area transit card Hop Fastpass began Apple Pay support.[117]

On May 29, 2019, Revolut started support for Apple Pay in the United Kingdom and France.

On May 30, 2019, Revolut started support for Apple Pay in Belgium, Czech Republic, Denmark, Finland, Germany, Iceland, Ireland, Italy, Norway, Poland, Spain, Sweden, and Switzerland.

On June 11, 2019, Apple Pay launched in the Netherlands with ING. Also Monese started supporting Apple Pay in Austria.

On June 12, 2019, Banca Comercială Română announced that it has been working with Apple to implement Apple Pay in Romania.

On June 18, 2019, Deutsche Kreditbank launched Apple Pay in Germany to its over 4m customers, being the 20th bank to launch the payment service to customers in the country.

On June 26, 2019, Apple Pay officially launched in Romania with the support first trust credit union online banking the following banks: Banca Transilvania, ING Bank, Unicredit Bank, Orange Money, Edenred, Revolut and Monese. In Greece Apple Pay launched with the following banks: Revolut, Monese and N26. Edenred Greece also started supporting Apple Pay. Apple Pay was also launched in the following countries: Bulgaria, Croatia, Cyprus, Estonia, Latvia, Liechtenstein, Lithuania, Malta, Portugal, Slovakia and Slovenia. In Germany, the co-operativeVolks- und Raiffeisenbanken (through BVR)[118] and the public savings bankSparkasse announced[119] an Apple Pay launch later in 2019. The two banks have a combined retail banking market share of around 70%.

On July 2, 2019, support for Apple Pay rolled out to customers with Erste Bank (with Visa card support too) and Granit Bank in Hungary and Klarna in Germany. Moreover, Apple Pay officially launched in Faroe Islands with Betri Bank.[120]

On July 10, 2019, support for Apple Pay rolled out to customers of Islandsbanki in Iceland.[121]

On July 12, 2019, Head of the Digital Technologies Department of the General Directorate of Payment Systems and Digital Technologies of National Bank of the Republic of Belarus, Anton Padrez announced upcoming support of Apple Pay[122][123] in Belarus by the end of 2019 on FinMobile conference.

As of July 16, 2019, all countries in the European Economic Area (EEA) support Apple Pay since the expansion of Monese and Revolut.

On August 6, 2019, Apple Pay launched in Macau with Union Pay by Banco Nacional Ultramarino and Industrial and Commercial Bank of China (Macau).[124][125]

On September 3, 2019, Apple Pay launched in Georgia with Bank of Georgia,[126]TBC Bank,[127] VTB Bank Georgia[128] and Liberty Bank.[129] Moreover, four more banks in the Netherlands rolled out support for Apple Pay: bunq, Monese, N26 and Revolut.[130] Dutch banks ABN AMRO and Rabobank announced support for Apple Pay is coming soon.[131][132]N26 also started support for Apple Pay in Switzerland and Iceland.

On October 15, 2019, the major international banks ING (bring the payment service to Germany) and Deutsche Bank (expanding to Italy after Germany and Spain previously) expanded their coverage in Europe. FinTech bunq expanded Apple Pay support to Austria. Phyre rolled out support for Apple Pay in Bulgaria. ABN Amro starts supporting Apple Pay in The Netherlands.

On November 5, 2019, The Spuerkeess bank announced that its customers could now use Apple Pay as a means of payment.[133]

On November 5, 2019, First Investment Bank is the first bank in Bulgaria to roll out support for Apple Pay only with Mastercard.[134]

On November 19, 2019, Apple Pay launched in Belarus with Sber Bank[135] with support of Mastercard and Visa cards.

On December 2, 2019, Bank of Valletta is the first national bank in Malta to announce that Apple Pay support for their Visa debit and credit cards is “coming soon".[136][137] The service rolled out to customers on December 10, 2019[138][139]

On December 4, 2019, support for Apple Pay rolled out to customers of Alfa-Bank, BSB Bank, Belagroprombank, Belarusbank, Belgazprombank, MTBank, Priorbank and VTB in Belarus with support of Mastercard and Visa cards.[140][141]

On December 4, 2019, support for Apple Pay rolled out to customers of iCard Bulgaria[142]

On December 10, 2019, support for Apple Pay rolled out to customers of UniCredit Bulbank[143]


On January 28, 2020, Apple Pay launched in Montenegro with Crnogorska Komercijalna Banka[144] with support of Mastercard and Visa cards.

On January 30, 2020, Curve announced that its customers could now use Apple Pay as a means of payment.[145]

On April 1, 2020, TransferWise announced that its customers could now use Apple Pay as a means of payment.[146]

On April 7, 2020, Alpha Bank becomes the first Greek bank that launches Apple Pay in Greece, only for Visa cards.[147][148]

On April 8, 2020, Beijing T-union transit card, Yikatong marked with T-union and Shenzhen transit card were launched in Apple Pay and the cards could be used to pay the fares of the public transport in more 300 cities of China. At the same time, Beijing transit card(Yikatong) was removed, but the early added cards still could be used.[149]

On April 21, 2020, Volksbanken und Raiffeisenbanken Germany and announced that their customers could now use Apple Pay as a means of payment.[150][151]

On April 22, 2020, Raiffeisenbank (Bulgaria) announced that its customers could now use Apple Pay as a means of payment.[152][153] On April 28, 2020, Westpac has become the last of Australia's big four banks to announce Apple Pay support for its customers.[154]

On June 1, 2020, Octopus card was launched in Apple Pay and the cards could be used in Hong Kong public transport, convenience stores, etc. Only iPhone 8 and Apple Watch Series 3 or newer models were supported due to the Octopus card using FeliCa technology. Other models, including iPhone 7 series sold in Japan that support FeliCa, do not support the Octopus card.[155][156]

Raiffeisen Bank (Serbia) has announced changes to its terms and conditions, effective June 15, 2020, announcing that Apple Pay will be available for Visa cards issued by the bank,[157] with Serbia becoming a new market for Apple Pay. The same month, it was announced that the European Commission (EC) will take two probes against Apple, the one being against Apple Pay. According to EC, "Apple is 'abusing' its control of the wallet through a policy that blocks third-party payment access to its NFC hardware, which enables contactless payments. Apple opposed the claim and cited the COVID-19 pandemic as a result of the increased number of people using contactless paying.[158]

On June 30, 2020, MastercardSerbia has enabled its customers who are clients of ProCredit BankSerbia to use Apple Pay.[159] On the same day Raiffeisen Bank (Serbia) offered Apple Pay to its Visa clients.[160] On the same day, OTP BankSerbia announced the arrival of Apple Pay on its Twitter account.[161]

On July 21, 2020, OTP BankSerbia hsa associated bank login that its Mastercard customers could now use Apple Pay.[162] On the same day Erste BankCroatia offered Apple Pay to its Visa clients.[163]

On August 6, 2020, Pasmo announced that its service will be available on Apple Pay within 2020.[164]

On August 18, 2020, UBS Switzerland, the largest bank of the country, announced that their customers could now use their UBS Credit or Prepaid Card with Apple Pay.[165] On the same day, the Dutch branche of American Express announced support for Apple Pay for all American Express and Flying Blue American Express cardholders in the Netherlands.[166] In Portugal, Banco Santander Portugal launched Apple Pay for its customers.[167]

On August 25, 2020, German public savings bank Sparkasse announced support for the widely used German national debit card scheme Girocard, making it the first German bank to support it.[168]

On October 6, 2020, Pasmo service was available on Apple Pay and Express Transit mode.[169][170]

On October 13, 2020 the section dedicated to Apple Pay on Apple's website for Mexico became operational, announcing that the service was coming soon to the country.

On November 3, 2020, Apple Pay became operational for Bank of Ireland customers. In Bulgaria, First Investment Bank brought Apple Pay to customers with Visa cards.[171]

On December 2, 2020, Banca Intesa BeogradSerbia announced that its Visa customers could now use Apple Pay.[172]

On December 9, 2020, Paysera brings Apple Pay to customers. Paysera network companies also operate in Latvia, Estonia, Bulgaria, Romania, Kosovo, and Albania.[173]

On December 11, 2020 the section dedicated to Apple Pay on Apple's website for Mexico was modified to announce that the service will be available in the country in 2021.

On December 31, 2020, New York City's Metropolitan Transportation Authority completed the rollout of its new OMNY fare payment system, bringing Apple Pay support to every bus and subway station in the city.[174]


On February 23, 2021, Banorte and Citibanamex announced that its Mastercard customers could now use Apple Pay. Apple Pay is also available for American Express cards.[175][176][177]

On March 2, 2021, Raiffeisen Bank (Serbia) offered Apple Pay to its MasterCard clients.[160] On the same date, Banco Inter, a Brazilian digital-only bank, started to offer Apple Pay support for their debit and credit cards.[178]

On March 23, 2021 HSBC and Inbursa announced that their customers in Mexico could now use Apple Pay with their Mastercard credit and debit cards.

On March 30, 2021, Apple Pay launched in South Africa through banks Nedbank, ABSA and Discovery Bank, supporting American Express, Mastercard and Visa cards[179][180][181]

On April 20, 2021, Banca Intesa BeogradSerbia announced that its MasterCard customers could now use Apple Pay.[172]

On April 20, 2021, Bulgarian Postbank announced that its customers could now use Apple Pay as a means of payment.[182]

On May 5, 2021, Apple Pay launched in Israel, allowing customers of Bank Hapoalim, Bank Leumi, Bank Massad, Bank Mizrahi-Tefahot, Israel Discount Bank and First International Bank of Israel, as well as non-bank credit card holders of Isracard, CAL and MAX to use the service with American Express, Mastercard and Visa cards.[183]

On May 18, 2021, Investec announced that their customers in South Africa could now use Apple Pay with their Visa cards.[184][185]

On July 20, 2021, Erste BankMontenegro announced that their customers could now use Apple Pay with their Mastercard cards.[186]

On August 3, 2021, FNB announced that their customers in South Africa could now use Apple Pay with their physical Visa cards and virtual cards.[187]

On August 3, 2021 support became available to add Visa cards from several banks/issuers in Mexico.

On August 3, 2021, Trans.card Bulgaria announced that its customers could now use Apple Pay as a means of payment.[188]

On August 16, 2021, Central Cooperative Bank Bulgaria announced that their customers could now use Apple Pay with their Mastercard cards.[189]

On August 18, 2021, QNB Group and Dukhan BankQatar announced that their customers could now use Apple Pay.[190][191]

On August 30, 2021, Byala Karta Bulgaria (White Card Bulgaria) announced that its customers could now use Apple Pay as a means of payment.[192]

On September 7, 2021, United Bulgarian Bank announced that its customers could now use Apple Pay as a means of payment.[193]

On October 5, 2021, Bank of Bahrain and KuwaitNational Bank of Bahrain and ila Digital Bank - Bahrain announced that their clients could now use Apple Pay.[194][195][196] Apple Pay also available in Palestine.[197]

On November 2, 2021, Apple Pay launched in Azerbaijan through banks ABB,[198]Kapital Bank,[199]Unibank,[200]Bank Respublika[201] and Leobank,[202]Colombia through Bancolombia,[203] and Costa Rica[204]

On November 16, 2021 support for Apple Pay rolled out to customers of Pasha Bank in Azerbaijan.[205]


Global availability of Apple Pay

  Available (69 countries and territories)

Supported countries[edit]

Apple Pay is available in 69 countries and territories worldwide[206]

Date Support for payment cards issued in
October 20, 2014 United States
(except  Puerto Rico & other unincorporated territories)
July 14, 2015 United Kingdom
(excluding British Overseas Territories)
November 17, 2015 Canada
November 19, 2015 Australia
February 18, 2016 China
April 19, 2016 Singapore
July 7, 2016  Switzerland
July 19, 2016 France
July 20, 2016 Hong Kong
October 4, 2016 Russia
October 13, 2016 New Zealand
October 25, 2016 Japan
December 1, 2016 Spain
March 7, 2017 Guernsey
 Isle of Man
March 29, 2017 Taiwan
May 17, 2017 Italy
 San Marino
  Vatican City
October 24, 2017 Denmark
 United Arab Edmond public schools oklahoma 4, 2018 Brazil
May 17, 2018 Ukraine
June 19, 2018 Poland
June 20, 2018 Norway
November 28, 2018 Kazakhstan
December 11, 2018 Germany
February 19, 2019 Czech Republic
 Saudi Arabia
April 24, 2019 Austria
May 8, 2019 Iceland
May 21, 2019 Hungary
June american federal savings bank routing number, 2019 Netherlands
June 26, 2019 EU (All Parts)
(except  Northern Cyprus)
July 2, 2019 Faroe Islands
August 6, 2019 Macau
September 3, 2019 Georgia
November 19, 2019 Belarus
January 28, 2020 Montenegro
June 30, 2020 Serbia
February 23, 2021 Mexico
March 30, 2021 South Africa
May 5, 2021 Israel
August 17, 2021 Qatar
October 5, 2021 Bahrain
November 2, 2021  Azerbaijan
Costa RicaCosta Rica

Supported payment networks and card schemes[edit]

  • Visa (worldwide. Japanese Visa cards in Apple Pay also function as FeliCa-based QUICPay or iD cards in addition to EMV contactless cards, although some issuers do not support EMV contactless in Apple Pay, meaning such cards will best car buying website function as QUICPay or iD cards.)[207]
  • Visa Electron (worldwide)
  • V Pay (only in Europe)[208]
  • Mastercard (worldwide. Japanese Mastercard cards in Apple Pay also function as FeliCa-based QUICPay or iD cards in addition to EMV contactless cards, although some issuers do not support EMV contactless in Apple Pay, meaning such cards will only function as QUICPay or iD cards.)[209]
  • Maestro (worldwide)
  • American Express (worldwide. Japanese American Express cards in Apple Pay also function as FeliCa-based QUICPay cards in addition to EMV contactless cards.)[210]
  • Discover Card (only in the United States)[211]
  • U.S. Debit (only in the U.S. CDCVM may not be supported, requiring the customer to enter their PIN on the terminal.)
  • Diners Club International (only in Japan. Only function as FeliCa-based QUICPay cards and do not support the global EMV contactless standard.)
  • JCB (worldwide. Japanese JCB cards in Apple Pay also function as FeliCa-based QUICPay or iD cards in addition to EMV contactless cards, although some issuers do not support EMV contactless in Apple Pay, meaning such cards will only function as QUICPay or iD cards.)
  • Cartes Bancaires (CB) (only in France) [212]
  • Interac (only in Canada) [213]
  • EFTPOS (only in Australia)[214]
  • China UnionPay (worldwide)[215]
  • China T-Union (select cities in China)
  • Suica, PASMO, iD, QUICPay, WAON, and nanaco (only in Japan. FeliCa-supported iPhone and Apple Watch models only.)[216][217][218]
  • SPTC transit card (only in Shanghai) c spire pay my bill online (only in Beijing)[220]
  • mada (only in Saudi Arabia)[221]
  • Clipper (only in San Francisco Bay Area, California, United States)[222]
  • Hop Fastpass (only zions bank business login Portland, Oregon, United States)[223]
  • SmarTrip (only in Washington, D.C., United States)[224]
  • TAP (only in Los Angeles, California, United States)[225]
  • Ventra (only in Chicago, Illinois, United States)[226]
  • Elo (only in Brazil)[227]
  • Octopus (only in Hong Kong. FeliCa-supported iPhone and Apple Watch models only.)[228]
  • girocard (only in Germany)[229]
  • Mir (only in Russia)[230]

Supported loyalty programs[edit]

These programs are conveyed through NFC via Apple Pay's VAS protocol.

Usage within public transport systems[edit]

For public transport systems where payment cards can be used, passengers can travel with Apple Pay without authenticating each transaction. Express Transit/Travel mode is available in the following places:[247]

Country/Region Scenario Fare Payment Method(s)
BelarusAll stations of Minsk MetroDebit and credit cards
China mainland[248]All forms of transit and stores that accept Beijing Transit cards Beijing Transit Card[note 1]
All forms of transit that accept Shanghai Transit cards and selected forms of transit that accept China City Union cards Shanghai Transit Card[note 1]
All forms of transit that accept China T-Union cards Beijing T-Union Transit Card, Changsha Transit Card, Changzhou Transit Card, Chaozhou Transit Card, Dalian Transit Card, Foshan Transit Card, Guangzhou Transit Card, Heyuan Transit Card, Jiangmen Transit Card, Jieyang Transit Card, Jinan Transit Card, Maoming Transit Card, Nanchang Transit Card, Nanjing Transit Card, Shanwei Transit Card, Shanghai T-Union Transit Card, Shaoguan Transit Card, Shenzhen Transit Card, Shijiazhuang Transit Card, Suzhou Transit Card, Xiamen Transit Card, Xi'an Transit Card, Xuzhou Transit Card, Yunfu Transit Card
All stations of Beijing Subway and Beijing Suburban RailwayYitongxing Miaotong Card
FinlandAll Föli transit operators Debit and credit cards
Hong KongAll forms of transit and stores that accept Octopus Octopus[249]
JapanAll forms of transit and stores that accept Suica Suica
All forms of transit and stores that accept PASMO PASMO[250]
United KingdomAll Arriva UK Bus transit operators Debit and credit cards
All First Bus Group transit operators Debit and credit cards
All stations of Transport for LondonDebit and credit cards
United StatesAll forms of transit that accept Ventra Ventra[251]
All forms of transit that accept TAP TAP
All stations of Metropolitan Transportation AuthorityDebit and credit cards
All forms of transit that accept Hop FastpassHop Fastpass, debit and credit cards
All forms of transit that accept Clipper Clipper
All forms of transit that accept SmarTrip SmarTrip

In addition to the above scenarios, Apple Pay can still be used with other non-Express Transit/Travel readers that accept contactless open loop payment cards, but they will have to be verified beforehand.

Supported car keys[edit]

These car models can be unlocked and started via NFC with the iPhone XR, iPhone XS or later, and Apple Watch Series 5 or later. Car models that support operation via UWB will require an UWB compatible device, such as the iPhone 11 or later or the Apple Watch Series 6 or later.[252]

Main article: List of digital keys in mobile wallets

Supported campus identifications[edit]

Main article: List of campus identifications in mobile wallets



Journalists noted the multiple previously unsuccessful efforts of other retailers to build mobile payments services,[6][32] including those of PayPal, Walmart, Target,[6]Google Wallet, and Softcard.[32] They noted that previous efforts first bank financial centre oconomowoc wisconsin not solve customer inconvenience issues, and felt that Apple Pay potentially did.[6]The Verge's Adrianne Jeffries noted that mobile payment market fragmentation was partially due to Apple's refusal to enter the market. BusinessWeek's Joshua Brustein added that Apple has a history of letting "first movers fail" with an early version of the service before releasing "a more polished version of the same idea".[6]The Verge's Dieter Bohn called Apple Pay the "week's most revolutionary product" and the announcement "a classic Apple moment of simplification and integration", and the partnership between payments services cmsrn exam prep Apple "a rare piece of collaboration and agreement". He predicted that the service's effect on the mobile payments industry would be similar to the iPhone's effect on the smartphone industry.[32] Nathaniel Popper of The New York Times referred to the banks' level of coordination with Apple as "elaborate" and indicative of mutual "preparation and investment".[12] Some analysts added that the service could reduce the standard credit card transaction fees over time since fees traditionally cover credit card fraud. The banks were willing to work with Apple in the face of efforts like Bitcoin and the Merchant Customer Exchange, which seeks to work around the card networks.[12]

Early reviews of the service regarded it as easy to use, but were not sure whether the service would become widely adopted.[253][254]The Verge'sNilay Patel wrote that the product demo was "remarkably smooth" and "a cohesive user experience".[253] Patel said the process took five to ten seconds at a retail card reader and added that it may be less smooth at stores such as Walgreens, where cashiers prompt customers for loyalty cards and charity donations.[253]The New York Times' Neil Irwin wrote that Apple exaggerated the inconvenience of credit cards. Among the plastic card's benefits, he included how others could make purchases on another's behalf and how dead cell phones could leave the owner stranded.[254]

In a 2018 publication released by Consumer Reports, Apple Pay was the leading payment service.[255]


Paying for coffee with Square'scontactless + chip reader

Apple announced that more than one million credit cards had been registered on Apple Pay in the first three days of its availability,[256] making it the largest mobile payment system in the US at the time.[257] There were 220,000 participating vendors when it launched.[258][259] Outside the United States and the United Kingdom, Apple Pay can be used with American and British payment cards at compatible NFC-based payment terminals.[260][261][262]

In the United States, Apple faced opposition by the mobile payments industry, particularly the Merchant Customer Exchange (MCX) which was trialing a competing system known as CurrentC. Several participants of CurrentC, such as Best Buy, Walmart, and Publix had initially stated that they would not accept Apple Pay as a result of exclusivity deals. CVS Pharmacy and Rite-Aid subsequently disabled all NFC payment systems in favor of CurrentC,[12][263][264] although due to the exclusivity period ending in August 2015, Rite Aid has begun accepting it August 15, 2015.[265][266]Best Buy has begun to accept Apple Pay at all stores starting in October 2015.[267]

Target's CEO Brian Cornell said that they would be open to accepting Apple Pay eventually after the conversion to chip and PIN technology is done, but they remain involved with MCX.[268] On January 22, 2019, Target announced the roll-out of Apple Pay support to all of its US stores.[269]

Transport for London, one of Apple Pay's official UK launch partners and one of the largest contactless merchants in the world, became the UK's most used Apple Pay merchant.[270][271][272][273]

As of February 11, 2016, 20% of iPhone 6 users in the United States reported using the service at least once.[274] Apple maintains an up-to-date list of merchants who accept Apple Pay on its website.[275]

On June 2, 2016, according to Fortune, Apple said its mobile payment platform is gaining a million new users each week, yet the company did not reveal the total number of Apple Pay users. Apple also revealed that transaction volume through the service is five times what it was a year ago, and that payment volume within apps more than doubled in the second half of 2015.[276]

With the launch of Apple Pay in China, the service hit three million provisions inside its first three days, while, more generally, it is adding one million new users per week worldwide.[277]

On July 11, 2016 Liquor Control Board of Ontario (LCBO) confirmed that it accepts Apple Pay at all of its over 850 stores in Ontario, Canada. LCBO had been gradually rolling out Apple Pay support since June at its stores, which had NFC-based terminals for contactless payments.[278]

Starting on August 19, 2016, Apple Pay will be available in Chick-fil-A restaurants across the United States, allowing fast food buyers to make their purchases both in-store and at the drive-thru using Apple Pay.[279]

On September 7, 2016, Wayfair announced that they will support Apple Pay in Safari on iPhone, iPad, and Mac at launch.[280]

On May 22, 2018, TransLink announced support for Apple Pay at all fare gates and on buses.[281]

On July 31, 2018, Tim Cook announced that both CVS and 7-Eleven in the United States will support the service.[282]

On May 31, 2019 New York City Transit announced support for Apple Pay at its OMNY terminals on busses and subways.[283]

On August 21, 2019 and December 23, 2019, Miami Dade Transit announced support for Apple Pay at all fare gates and on buses.[284]

In Feb 2020, Apple Pay accounted for 5% of global card transactions.[285] On April 4, 2020 Publix CEO Todd Jones announced Publix would be supporting Apple Pay immediately to help consumers fight COVID-19.[286]


  1. ^ abExisting users only




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Your debit card not working can be incredibly frustrating. I’m sure I’m not the only one who’s been in the situation where you have people lining up behind you, the “debit card declined” alert flashing menacingly, as you assure the cashier that you definitely have enough money on your card and that you have no idea what the problem is…

The truth is that there can be any number of reasons why your card is being declined. Some of them may be on your side (…are you sure you have sufficient funds on there? And is that definitely the right PIN?) but most are completely out of your hands.

Luckily, no matter why your debit card is blocked at the moment, there’s usually a very simple solution.

So keep reading to find out why your debit card isn’t working – and what you can do to fix it in just a few minutes.

Why is my debit card not working?

1. Insufficient funds

Probably the most common reason for your debit card not working is that there are insufficient funds on the card.

It’s never nice to be caught at the cashier and have to do that embarrassed mumble that “you’re sure there’s enough money“. But it’s okay – it happens and we’ve all been there before.

It’s also very possible that it’s not your fault. For example, your paycheck may be delayed or another deposit may be pending and you can’t use the money yet. Either way, you’ll have to find another way to pay for this purchase or leave it behind.

2. Expired card

If your debit card has expired, it won’t be able to be used for transactions anymore.

Most banks will send you a new card a month or so before your current card expires, so if that hasn’t happened yet, it’s important to call your bank immediately and find out what’s going on. There may have simply been an oversight, but it’s also possible that someone has stolen your card from the mail.

If that’s the case, it’s good to let your bank know as soon as possible so they can take steps to make sure the other card can’t be used.

Related: When You Get a New Debit Card Does the Card Number Change?

3. Daily transaction limit has been reached

Some cards will have a daily transaction limit meaning that once you reach that amount, your card won’t work any more.

These limits are in place for security reasons, to avoid someone taking your card and using it to wildly spend all your money. It’s for that reason the banks generally won’t recommend that you increase this limit.

That said, there are times when you may need to do so. If now is one of those times, give your bank a call to see if that can be done temporarily. Just make sure you follow their usual advice to drop the limit back down once you’re done so you know your money is protected.

4. Incorrect PIN

It may sound obvious but if your debit card was declined, it’s possible that you’ve simply put the wrong PIN in.

This often happens to me when I switch my “main “card and I forget which PIN applies to each one. You also could have changed PINs recently, which is a natural cause for confusion.

You usually have a few attempts to enter a PIN, so give it another try and hopefully you’ll use the correct one next time.

man wondering why his debit card is not working at an ATM

5. Too many incorrect PIN attempts

Following on from the previous option, you could have a problem if there have been too many incorrect PIN attempts. If that’s what’s happened, your debit card won’t work until you call your bank and unblock it.

This is in place to prevent fraud so if you’re getting a message that there have been too many incorrect PIN attempts and you haven’t used your card today, it may be worth checking with your bank what’s happened when you call them.

That is, the systems may show that someone else has tried to use your card. If you don’t recognize any attempts to use the card that your bank is seeing in their system, let them know so that the appropriate steps can be taken.

Important: Always call your bank on their phone number listed on their official website or in your bank’s app. Do not simply provide financial or personal information to someone who calls you and says they’re from your bank, as you have no way of knowing if that’s true – even if your phone appears to be showing that they are calling from the correct number.

6. Incorrect information entered

If your debit card isn’t working when you’re shopping online, double check that you’ve entered in the correct information. You may be one digit off with the card number or perhaps you’ve entered the CVC incorrectly.

Either way, unless everything aligns, you won’t be able to use your card for this purchase.

7. Damaged card

It’s also possible that your debit card is not working because nab prepaid visa debit card card is damaged. Sometimes this is obvious, especially if you can see any damage to the magnetic strip or the car is more bent than it should be.

Not all card damage is visible though, as extreme temperatures can affect how well it works, for example. The best solution here is simply to order a new card.

man wondering why his debit card isn't working

8. Bank has flagged transaction for being suspicious

Your card may have been blocked temporarily because your bank has flagged a transaction as being potentially suspicious.

Honestly, it’s sometimes hard to know when this will kick in. I was once traveling and despite me telling my bank that I would be in a certain country, my card was blocked when I tried to buy an app online from that country’s Apple Store – and it only cost a few dollars!

This can usually be resolved fairly quickly through a call to your bank to explain that you’re the card owner and that you’re happy for the transaction to go through. That said, if you get an alert for a suspicious transaction and you’re not currently using your card, it’s time to call your bank straight away to make sure your account stays blocked.

You may also be interested in: Is It Safe to Order Checks Online?

9. Bank has identified other suspicious activity relating to your account

Sometimes it may not be one specific transaction that has raised a red flag with the bank. Instead, there could be other suspicious activity relating to your account that’s caused your debit card to stop working.

As with many other options on this list, it’s best to simply call your bank to sort this out. It’s possible that there’s been a mistake, but it’s also very possible that someone has tried to breach your account somehow.

Figuring out what’s happened and how to resolve it is both in your and your bank’s best interest.

10. Technical problems

It may sound like a cop out to say “technical problems “, but issues somewhere along the line are a pretty common reason for your debit card to be declined.

Maybe the card machine in a store isn’t working properly, maybe the lines are down somewhere, maybe your bank is having some issues.

Whatever it is, these things aren’t always resolved straight away so if you need to make the purchase right now, it may be better to simply switch to cash or a different card.

person swiping debit card on machine

11. Card hasn’t been activated yet

Is it your first time using a new debit card? If so, the reason for your debit card to not be working could simply be that you’ve forgotten to activate it.

I’ve definitely been caught by this before and while you can feel pretty dumb, it’s not the end of the world. You also can often do it on the spot, with a lot of bank apps now allowing you to activate your card through your phone.

If that’s you, simply jump on your app and see if that’s an option. You should be able to immediately use the card from there.

12. Joint account holder deactivated the card

If you jointly own the account with someone else, you may want to check that they haven’t blocked or deactivated the card for some reason.

This may very well have been done for a valid purpose, such as due to a security issue. However, if the joint account holder has deactivated the card without telling you and it doesn’t seem to be due to a good reason, it’s definitely time for a serious discussion regarding management of and access to any joint finances.

13. Store doesn’t accept your card type

This one isn’t as common these days, especially if you’re using a major card type like Visa, Maestro or MasterCard, but there is a possibility that the card you’re trying to use isn’t accepted at the store you’re trying to buy from.

This can definitely be an issue if you have an American Express card, for example. If that’s the situation, the only solution is to use another card or cash, unfortunately.

woman getting frustrated about why she can't use her debit card online

14. Blocked due to an international purchase

Some banks won’t allow you to make an international purchase using your bank card until you give express approval. This is to stop fraud from people based overseas, which is increasingly common these days.

So while it may seem annoying, it’s definitely for the greater good when it comes to protecting your money. This means that if you’re getting that message from your bank, give them a call to sort it out.

15. Additional information is needed from you

Sometimes, especially when you’re shopping online, a transaction won’t be able to go through until you provide some sort of additional information. This may involve entering a code that is sent to you via SMS or could involve you accepting the transaction in an app.

Either way, the reason that your debit card is declined could simply be that you haven’t taken this extra step. Double check any messages that are appearing on screen, as the website that you’re buying from will usually tell you when this is needed through their secure payment system.

You may also be interested in: Coinstar Gift Card Exchange: A Way to Get Quick Cash?

16. Card cannot be used in certain countries

If you’re travelling at the moment and your debit card is not working, it could be worth checking that you’re able to use your card in the country you’re in.

Some banks don’t even allow their cards to be used internationally, although that’s rare these days. It’s more common now that you have things like reduced daily spending limits when you’re overseas.

woman traveling in city

But there is a chance in certain countries that your bank can’t operate, such as if there are international sanctions in place. This isn’t common and it’s likely you’ll know about this before travelling to a country like this.

That said, if you’re in a country where that’s a possibility, it may be worth contacting your bank to see if that’s the issue so that you can make alternative arrangements.

17. Vendor made a mistake

There’s always a chance that your debit card’s not working simply because the vendor has made a mistake. Perhaps they had to enter in your details manually and missed a number or maybe they simply pressed the wrong button on the cash register.

Whichever it is, most people‘s first reaction when their card is declined is to ask the cashier to run it again. That usually gives the cashier the chance to restart the transaction, allowing them to correct any mistakes they may have made during the process.

How do you unlock a debit card?

To unlock a debit card, first login to your bank account either through your bank’s app or your browser, as sometimes there is an option to unlock it there, especially if it’s a new card that needs to be activated. If there is no option for this available, call your bank for their help in unlocking the card.

For almost all situations where a debit card has been locked due to suspected fraud, including things like entering the PIN too many times, you’ll probably have to call your bank to sort this out. This is so that they can verify that no one else is trying to access your account.

This will usually involve going through a few security questions, meaning it shouldn’t take more than a few minutes to unlock your debit card.

Why is my debit card not working at an ATM?

Your debit card may not be working at an ATM because of a problem with your card, the information you have entered or even the ATM itself. For example, you may have entered the wrong PIN or perhaps the ATM is out of order. Alternatively, there could be an issue on the bank’s side that’s stopping the transaction.

Before spending time wondering why the ATM rejected your card, the most simple step is just to try the transaction again. Sometimes the lines go down momentarily or you may have accidentally entered the wrong PIN the first time, meaning that doing it again could resolve the issue.

If, however, your debit card still isn’t working after a second attempt, it may be worth further investigating, especially to see if your bank has blocked the card for some reason.

Why is my debit card being declined when I have money in my account?

Even if you have money in your account, your debit card can be declined for a number of reasons. The bank could have blocked the card for fraud prevention, the store may not accept your card type, the card could be damaged or have expired or you may have entered the wrong PIN.

If it just appears to be a one-off problem, it could be the store itself or the machine they’re using which is having issues, so try to find an alternative.

However, if your debit card’s not working in shops more generally and you’re sure that the card type should be accepted and that you’re entering the correct information, it may be worth calling your bank to see what the problem may be.

How do you fix a declined debit card?

The process for how to fix a declined debit card is generally as follows:

  1. Try the transaction again – Sometimes there can be a one-off problem that is fixed simply by swiping the card again.
  2. Check you have funds in the account – This is the most obvious problem if a debit card is declined and is easily fixed.
  3. Double check you’re providing the right information – Have you changed the PIN recently and you accidentally entered the old one? If you’re shopping online, did you enter the card number correctly and did you approve the transaction through your bank’s app, if that’s needed?
  4. Call your bank or card provider – They’ll be able to check the issue immediately and help you to fix it. Just make sure that you’re the one calling them, as a common scam is for fraudsters to call you posing as your bank when they’re trying to access your account – which may very well be why the card has been blocked in the first place.

Why can’t I use my debit card online?

There can be a number of reasons why your debit card isn’t working for online purchases. If it’s not due to a problem on your end, such as entering the wrong card information, or something like insufficient funds, it’s likely due to a security feature where you have to verify the purchase before using the debit card online.

These often don’t require you to actually call the bank and speak with someone in order to verify the purchase. Instead, it will usually appear as a notification from your bank’s app in your phone.

At that point, you’ll generally have to tap a button and verify it’s you, whether that’s by entering a code or letting your phone scan your face or finger, to confirm that you actually tcf national bank home equity line of credit to spend the money online in this way.

If, after all this, your debit card is still not working online, call your bank or provider to sort it out.

Why does my Visa Debit not work online?

Your Visa Debit may not work online due to something simple, like there being insufficient funds in the account, or because your card has been blocked by your bank as a security measure. It could also be a problem with the site where you’re trying to make your purchase.

In such cases, whether it’s a Visa Debit, a credit union or a US bank debit card not working, the easiest solution is usually to just call your bank. They’ll almost always be able to immediately identify the problem and help you through it.

You may also be interested in: 10 Simple Options to Convert Visa Gift Cards to Cash

Final thoughts on your debit card not working

There’s no question that your debit card not working can be incredibly annoying, especially if you’re in a rush or really need access to your money right now.

But in most cases, this is usually a very simple problem to fix. With just a few taps in your bank’s app or a quick call to your card provider, any blocks can usually be lifted in just a few minutes.

And if the issue does take longer than that to resolve, just keep in mind that these problems often arise due to the need for having security measures in place. This means that while it may be annoying in the short term, at least you know that the appropriate fraud prevention checks are in place to protect your money.

That doesn’t help though if, say, you’ve just put gas in your car and have no way to pay for it because of that pesky “debit card declined” message.

In cases like that, especially if the issue isn’t because of something like insufficient funds on your side, one solution can be to ask your bank to temporarily add credit to your debit card. This lets you borrow money for a short period of time – just make sure you pay it back as soon as you can to avoid interest incurring and to maintain a good credit score.

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NAB Business Visa Debit Card

1NAB Commercial Cards Unauthorised Transaction Insurance

Complimentary insurance covers: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from nab prepaid visa debit card insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued an insurance group policy to National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian credit licence 230686 (NAB) which allows eligible NAB account holders and cardholders to claim under it as third party beneficiaries. Access to the benefit of cover under the NAB card insurances is provided to eligible NAB cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth). Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice. The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the NAB Commercial Cards Unauthorised Transaction Insurance (PDF, 293KB) which may be amended from time to time. NAB does not guarantee this insurance.

Business Banking Fees – A guide to fees and charges

NAB Business Products – Terms and conditions

NAB recommends you consider the Product Disclosure Statement or other disclosure document, available from NAB, before making any decisions regarding these products. These products are issued by National Australia Bank Ltd ABN 12 004 044 937.

The Target Market Determination for this product is available at

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4 Replies to “Nab prepaid visa debit card”

  1. I just want to say I seriously enjoy your content. I have been watching for a couple of months now and I have learned so much from you. Your videos are knowledgeable and have actually helped me personally. it even helped me with my economics class in college when I had to memorize certain topics and your videos explained them so easily. Thank you so much for your content and you'll get to 1000 in no time!

  2. @World Walker Authorized users are meant for people in your immediate family. Those guys are charging strangers to add them on their cc accounts. Not only are they doing it but they are broadcasting it by posting on YT. Soon as chase and amex find out those guys are screwed

  3. Hi Mohan, I think you can upload the payment instructions sent by your uni: generally mentioned in your offer letter or separate invoice if you have got.

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