07 May

How to Set up Mobile Payments

Contactless Payments

Thanks to the contactless approach and current events, mobile payments are becoming increasingly common. Contactless payments are a simple way to make your purchases more secure and private — in fact, it’s as easy as a few taps to your smartphone or tablet.

RMLEFCU supports Apple Pay, Samsung Pay, Google Pay, and Visa Checkout on several devices. Not only are your purchases more secure, but you can also add membership and loyalty cards, and have a shot at other great rewards!

It not only limits the need to always bring a bulky wallet, but it also curbs the need to use your card (or cash) and punch your PIN in. That means less chance of coming into contact with germs — something that these days is all the more important.

Multiple Ways to Pay

Once you’ve set up your digital wallet, you have a lot of options to pay. You can hold your phone up to an in-store terminal instead of swiping your card. Some online shopping sites let you select your digital wallet as your payment option instead of entering your card information. You can also use your digital wallet for in-app purchases, and you can pay quickly and still get the benefits offered by many retailer-specific apps.

Your Information is Secure

Mobile payments have enhanced security features. Once you set up your digital wallet, your account details will not be stored on your computer. Each card is assigned a virtual card number that is only connected to the digital wallet and mobile device that you use. Don’t worry if you lose track of your phone — all digital wallet transactions require authentication that you set up, such as fingerprint scanning or an entered password.

More Ways to Pay

Digital wallets make shopping more seamless and also let you send money to almost anyone with a US mobile number or email address, no matter where they bank. Learn more about how to transfer money to friends and family in the US through the RMLEFCU mobile app.

How to Set Up Your Mobile Wallet

With these free services, instead of using your actual credit and debit card numbers for purchases, a unique “device account number” is assigned, encrypted, and securely stored.

When you make a purchase, the device account number, alongside a transaction-specific dynamic security code is used to process your payment. So, your actual credit or debit card numbers are never transmitted or shared with merchants.

In addition, paying is private — the cashier never sees your name, card numbers, or security code.

Setting up Your Mobile Wallet

How to add a card to Apple Pay:

  • On your iPhone, launch the Wallet app.
  • Tap the “+” symbol to add a new card.
  • Tap “Continue.”
  • Take a picture of your card or enter your card details manually.
  • Tap on “Review the Terms and Conditions” and tap on “Agree.”
  • Select method to verify your card.

How to set up a default card on Apple Pay:

  • Launch the Settings app.
  • Select “Wallet & Apple Pay.”
  • Select “Default Card.”
  • Select the card to use as your default.

How to add a card to Android Pay.

  • Launch the “Android Pay” app.
  • The app shows the cards already associated with that account.
  • Tap on the card you wish to add and follow the confirmation prompts.
  • To add a new card, tap the “+” symbol or “add a credit or debit card.”
  • Follow the activation prompts on the screen.

How to set up your mobile wallet on Android Pay:

  • Select the card you want to make your default.
  • Tap on “Set as default card.”

How to add a card to Samsung Pay:

  • Launch the “Samsung Pay” app.
  • Tap “Add.”
  • Tap “Add credit card or debit card.”
  • Take a picture of your card or enter your card details manually.
  • Review the terms of service and tap “Agree to all.”
  • Select an option to verify the card.

Setting up a default card on Samsung Pay:

  • Samsung doesn’t have the option to set up a default card.
  • When you open Samsung Pay, the most recently used, viewed or an added card will display.

Using mobile payments is quite simple and can save you loads of time. Plus, you don’t have to worry about handing your card over to a stranger or inserting it into a pin pad that could potentially have a card skimmer on it. Check out RMLEFCU’s digital banking services. Call us at 303-458-6660 if you have any questions about digital banking, mobile wallets, or your account!

08 Jan

Contactless Payments are the Safer Way to Pay

Contactless Payments

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!