Sharing Daily Discoveries About Personal Finance And Business Topics

Are You Ready To Move To Mobile Payments?

smartphone

I was watching some videos today where it tried to compare how using your smartphone as a way for using your credit card for traditional retails stores are safer than just using the regular plastic cards. From what I understood, simply swiping the credit card at a terminal means the merchant will have your number for awhile. So if there was ever a data breach you would be compromised. However, with a mobile payment option it gives you a temporary number for the transaction which gets destroyed fast. Therefore, everyone should think of switching to mobile payment options.

Are you one of those people who have embraced the idea of using your smartphone as your credit card? I am still personally iffy about doing online bank on a smartphone personally. All those apps that you have to install the notion of using wireless Internet signals seems like there is just a greater chance of being compromised that way. Even for apps in general I usually try to keep it light as so many of them seem to require an excess amount of phone permissions for you to install it.

This is the way of the future though which means it’s only a matter of time until all of us will be using something like this. One point was it did note the security was based on a traditional credit card as opposed to ones with the chips on it. You still have a lot of time though as not a lot of retailers have the ability to take mobile payments yet compared to the traditional terminals.




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