If you’ve been thinking about making the switch to contactless payments, the time is now. Many of us have probably heard about Apple, Samsung, and Android Pay but have always questioned their security. We are here to discuss why contactless payments are the safer way to pay and why you should start utilizing them ASAP.
What is a Contactless Payment?
First things first – what is a contactless payment? It is a quickly growing mobile payment service that was first introduced in 2014 that makes it possible to pay for goods and services with your smartphone. It uses a near field communication (NFC) antenna in your device to transfer funds from your account to a retailer when tapped against their contactless payment terminal. You simply store your debit or credit card information in your device, then authorize a transfer at the time of payment and wa-la – transaction complete.
Is it Safe?
People are skeptical about contactless payment methods mostly due to uncertainty about their security. Allow us to set your mind at ease. Your card and account details are never shared with merchants or even stored on your device. Instead, when you complete a transaction, contactless payment systems represent your account with a random transaction code, not your actual card information. This not only prevents fraud, but if the retailer happens to be the victim of a breach, it is much less likely that your information will be acquired.
Is There Added Security?
When utilizing contactless payment services, it is important to take all precautionary measures, even though the system itself is extremely safe. This can be done a number of ways. Ensure that your device’s lock screen is password protected, with either a pin, pattern, or fingerprint scan. This ensures that if your device gets lost or stolen, no one else can unlock your device and have access to your information. In addition to the lock screen precautions, your contactless payment app also requires a fingerprint scan or password to open and complete transactions, adding another layer of security to payments.
When you weigh the option of paying with a credit card or contactless payment service, it really comes down to security and ease. By not sharing your actual card information with merchants, you greatly decrease your risk of fraud and, since we all have our smartphones on us 99% of the time, paying with them is very convenient.
To learn more about device-specific contactless payments and find some helpful links, check out our website!