Why Smartphone Pay Options Are Safer
December 11, 2020
Covid-19 likely accelerated an already accepted payment system and made it more popular: no-touch smartphone pay systems. Although these were already established, more businesses have scrambled to update their pay options to include them. The two most accepted are Apple Pay and Google Pay, although Samsung also has a version available. All three act as a digital wallet for compatible smartphones, allowing users to store their credit and debit card data, which allows them to pay for goods and services at participating businesses with the touch of a button instead of swiping their card.
Although many people have been skeptical of the security of these pay systems, the truth is they’re actually safer than using a credit card.
Because smartphone payment systems use one-time use passwords to complete the transaction instead of sending the merchant your credit card number. This pretty much eliminates the ability to highjack the number, which isn’t the case when you’re using an actual card. As many people have learned the hard way, a waiter at a restaurant can walk away with your card, write down all the pertinent numbers and give it back to you without you having an idea it’s been compromised until you see the evidence on your bank statement. On outdoor gas pumps and ATMs, fraudsters can insert a reader into the credit card slot, pulling both your information and your PIN number.
None of these scenarios is possible with smartphone pay systems. Not only that, but if you forget your wallet you still have a pay option available. It also makes transactions online safer – instead of entering your credit card information on third party sites, you can use Google or Apple Pay and know your credit card information hasn’t been passed on to anyone. Considering anyone who wants to use your smartphone will need a PIN, your face or a fingerprint to access your data, the smartphone payment systems have several additional layers of security worth taking note of.
Apple Pay is available on iPhones, iPads and Apple products; Google Pay is available for both Android and Apple.
Samsung Pay is available on Samsung phones, including kitted versions for business use. This is yet another way to allow employees the access to spend accounts without the danger of losing the card. Contact us today to learn more about this option and how we can help you implement it on your business phones.