Mobile Wallets have quickly become incredibly popular. In today’s culture when we do everything with our cellphones, it’s only obvious that we would want to pay with our phones as well. However, how safe are these mobile wallets and who are we sharing our precious credit card details with when using these platforms and what are the advantages and disadvantages of this new technology.
We take a closer look at the biggest mobile wallet apps on the market.
Security of ApplePay
When you make a purchase with ApplePay, the receipts are stored in the wallet but the transaction is not stored on iCloud. The Apple Watch asks for a passcode before you make a purchase. If your iPhone, iPad or Apple Watch has been stolen or lost, you can suspend or permanently remove the ability to pay with that device. Most importantly your credit card details are not stored on Apple devices or iCloud. When it comes to online purchases, Apple only receives information that you authorise to share in order to fulfill your order – name, billing address, and emailing address.
Security of Samsung Pay
Samsung Pay was made with the intention to uphold security and privacy of your purchases. The customer verifies every purchase with his/her fingerprint, iris scan or PIN. All the account information is encrypted and stored in a data vault. You lock or erase your account via Find my Phone in case your phone has been stolen or lost.
Security of Google Pay
Google Pay uses a virtual account number that ensures your personal information is secure. If your phone has been lost or stolen you can easily lock or erase your account information.
Advantages of Using Mobile Wallets
- Easy to Use
- It is simple to install on your phone and use for purchases
- If you forget your credit cards at home, most people always have their phone with them making it easy to always have money on you.
- They have good security standards
- Google Pay, Apple Pay, and Samsung Pay were built with security in mind. All three platforms hide your personal information and credit card numbers from merchants and require you to sign in into the device. For example most smartphones require facial recognition. So banking apps and mobile wallets apps will require facial recognition.
- They have great reward programs to incentivise customers to make use of the app.
- Merchants can’t see your credit card information
Disadvantages of Using Mobile Wallets
- They are not universally accepted
- Certain businesses do not accept mobile wallets.
- Some people have data privacy concerns
- Mobile wallets have secure technology but they do have the potential to gather and record your transaction history.
- Mobile wallets are dependent on your phones.
- If you lose your phone, or your phone dies you are unable to pay with your mobile wallet.
All OrangePay’s terminals are mobile wallet compatible! Contact us today to learn more!