bankingciooutlook

Key Benefits of Using a Mobile Payment App

Banking CIO Outlook | Wednesday, February 10, 2021

Mobile payment apps allow one to make in-store purchases using one's phone. These apps make use of Near-Field Communication (NFC) technology, which allows one to tap or wave one's phone at a POS terminal to pay

Fremont, CA: People can pay for goods and services with their phones as if they were swiping or inserting their card by adding their credit and debit cards to a mobile payment app. This becomes their digital wallet, storing everything they need for shopping in a single location. Aside from convenience, there are four other compelling reasons to use a mobile payment app.

Convenient Way to Pay

Using a mobile payment system to pay for goods and services has never been easier. People can leave their credit cards and cash at home and pay for things with the phone if they use Apple Pay, Samsung Pay, or Google PayTM. Furthermore, mobile payment apps may help reduce the risk of carrying cash, which can be lost or stolen. And using a mobile wallet is frequently easier and faster than swiping or inserting a card.

Payment Security

Mobile payment apps allow one to make in-store purchases using one's phone. These apps make use of Near-Field Communication (NFC) technology, which allows one to tap or wave one's phone at a POS terminal to pay.

To reduce the risk to one's personal data, most apps use encryption or protected code. One's actual credit card number is never saved on one's device or with the retailer. Instead, the system masks one's card number by assigning a random number or token for each purchase. This way, if a criminal gains access to one's device or stores data, they will only obtain useless information. This provides a higher level of security for one's financial information.

Faster Payment

Simply tap, pay, and walk away. People simply wave or tap their phone in front of an NFC-compatible terminal to use mobile payment systems. They have approved the transaction with a single action. As a result, their card number is never revealed, resulting in a contactless but secure transaction. Furthermore, this process is frequently faster than inserting or swiping their physical card. If people are using mobile payments, check with their wireless carrier to see if there are any data charges.

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