Press Release: HSA Bank Members Can Now Pay with Apple Pay for HSA, FSA, and HRA Purchases
Milwaukee, November 7, 2017 — HSA Bank®, a division of Webster Bank, N.A., today announced the release of Apple Pay®, the easy, secure and private way to pay that’s fast and convenient, for its health account debit card users. HSA Bank is proud to be one of the first in the consumer-directed healthcare industry to offer a mobile payment solution for multi-account debit cards, which include Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs). With this new offering, members will be able to pay for IRS-qualified medical expenses both in-store and online through in-app purchases using their mobile wallet. The mobile payment market is growing rapidly with the number of OEM-Pay users expected to increase from 75 million in 2016 to 144 million by the end of 2017, according to Juniper Research.
“HSA Bank is committed to providing our two million members with secure and convenient payment options,” said Chad Wilkins, executive vice president of Webster Bank and head of HSA Bank. “The introduction of this offering will enhance the member experience and offer our members flexibility with how they pay for IRS-qualified medical expenses, especially at point-of-sale locations that make up a significant portion of our transaction volume.”
Providing best-in-class security is a top priority for HSA Bank. When members use their debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on a member's device. Each transaction is authorized with a one-time unique dynamic security code. Members also authenticate each payment made with Apple Pay using their device’s secure passcode, a fingerprint with Touch ID, or a glance at their iPhone X to authenticate with Face ID.
When paying at point-of-sale, Apple Pay works with iPhone SE, iPhone 6 and later, and Apple Watch. For more information on Apple Pay, visit: http://www.apple.com/apple-pay/.
The new mobile payment feature expands on members’ current ability to manage a wide array of key transactions – all from the convenience of their iPhone. For example, when a member visits the pharmacy, they can use their HSA Bank mobile app, powered by WEX Health technology, to check their balance, recent transactions, and a list of IRS-qualified medical expenses. Once a member confirms that they have enough funds, and that the prescription is on the approved expenses list, they can use their iPhone to pay with HSA funds via Apple Pay, without their physical debit card on hand.
With mobile, online, paper check, and ATM access, HSA Bank continues to bring a competitive advantage to its members by offering the most options to access their health account dollars.
HSA Bank members can also pay for HSA, FSA and HRA purchases with mobile payments through other devices.
Apple is a trademark of Apple Inc., registered in the U.S. and other countries.
About HSA Bank
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires over 2 million members and more than 35,000 employer groups to own their health by making it easy to access, understand, and afford healthcare. HSA Bank has $6 billion in assets under management with nearly $5 billion in HSA deposits and over $1 billion in investment assets, and is a division of Webster Bank, N.A., Member FDIC..
About WEX Health
WEX Health simplifies the business of healthcare through WEX Health Cloud, a cloud-based healthcare financial management platform for administering healthcare benefits. Learn more at www.wexhealthinc.com.