Posted by: Ignacio Aranda
If it ain’t broke, there’s no need to fix it, right? For a long time, consumers have become accustomed to the tried-and-true process of carrying cash, debit or credit cards, and checks. It feels normal. Feeling a tangible card or cash in your hand gives you a sense of security.
But experts say mobile payment services are the way forward in terms of structure, convenience and security. Mobile payment services allow users to use a compatible debit or credit card to create a virtual copy that can be accessed securely on their smartphone. Once set up, you can tap your phone to a card reader at the grocery store or your favorite restaurant to complete your purchase just like you would with a physical card.
Is it safe?
Apple and Google, as well as banks such as Chase, Bank of America, and American Express, are passionate about the security of mobile payment systems, agreeing that they are as secure as or more secure than “traditional” methods. I am.
When you perform a tap-to-pay transaction, your complete card information or personal information is never shared with the merchant. These services create transaction-specific security codes, making payments more secure and difficult to trace.
Setup is easy
Whether you’re using an iPhone or Android, you can find the “Wallet” app that automatically comes onto your smartphone. Apple’s service is called “Apple Pay” and Android’s service is called “Google Pay.” Both apps have a plus (+) button that you can tap to add a new payment debit/credit card. You can use your smartphone’s camera to scan and transcribe your card information, or you can choose to enter details manually. Then, agree to some terms and conditions with your bank and you’re good to go.
Ignacio Aranda spent more than seven years at Apple before joining The Senior Source’s Elder Financial Safety Center. Technology trainers aim to equip seniors with technology literacy for financial security and personal enrichment. The Senior Source is a nonprofit organization he founded in 1961 that helps more than 25,000 seniors and their families each year. Visit zeniorsource.org for class schedules.