Can a phone replace your wallet? I know many people that would love the idea of using their smartphone or smartwatch to make purchases at stores, but reality is… mobile payment technology is still in its infancy and is not yet bulletproof and a lot of retailers are not yet ready to provide that service.
Mobile payments are clearly a step forwards and the most popular mobile payment providers on the market in 2015 have been Android Pay, Apple Pay and Samsung Pay,
Mobile payment providers state that mobile payments are inherently more secure than using a plastic credit card. That’s because most mobile payments are conducted on phones that have GPS, meaning the payment provider can determine who you are and whether the transaction is a legitimate one.
Here are some precautions you can take:
– Have a PIN on your phone
– Use an app that issues an immediate electronic receipt. That way you can check the amount of money you spend right after each purchase.
– Try having at least a two-factor authentication, such as a password/PIN on the phone and another to access the payment application
– Report security and payment problems right away
Article: 3 Things You Really Should Know About Mobile Payments