ESET security expert Mark James discusses the security implications of Apple Pay in the UK. Users’ credit card numbers are not stored on your device, instead their details are tagged to a unique device account number that is stored in the Secure Element, a chip dedicated for this use in your iPhone iPad or iWatch. Digital wallets are the way forward, having to carry ( and possibly lose ) credit cards in your wallet should be a thing of the past, we want to embrace technology and use it more.”]
Source: https://informationsecuritybuzz.com/articles/launch-of-apple-pay-in-the-uk/