Who accepts mobile payments?

Mobile payments are becoming a more common way to pay

What are mobile payments?

Essentially, a mobile payment is a payment that is made via your mobile device. You can load your debit and credit cards onto a mobile payment app on your phone or tablet, for example. The app stores your card information so you don’t have to carry the cards (or cash) with you when shopping.

Where are mobile payments accepted?

Not every merchant accepts mobile payments, but many do. According to Kount’s 2018 report on mobile payments and fraud, 71% of merchants support mobile payments at the point of sale, and 21% of merchants say they intend to support mobile payments in the future. The point of sale, or POS, simply refers to the payment point in-store.

What is a mobile payment app?

Three of the largest mobile payment apps are Google Pay, Samsung Pay, and Apple Pay, each with different acceptance rates. For example, you can use Google Pay to pay via your mobile device in-store through partner apps, websites, and transportation agencies. Samsung Pay is accepted anywhere you can swipe or tap your credit or debit card. You can also use it to pay in-app or online with partner merchants. Apple Pay can be used to pay for transportation services at partner merchants and make purchases at stores participating in the app, in-store, and online.

How to use mobile payments to pay

The first step is to download the mobile payment app you want to use on your device. From there, you can load your credit and debit cards. If you are paying in-store, the payment process is as simple as opening the app, selecting the card you want to pay with, and holding your mobile device near the payment terminal. Mobile payments rely on near-field communication technology, which allows the payment terminal to “talk” to your mobile device and securely retrieve your card payment information. From there, the payment terminal processes the payment, and you can go on your way. If you are shopping online or in the app, you will only be able to use mobile payments if the website or app allows it. If so, just choose the mobile wallet you want to open and then the card you wish to use to process your payment.

How secure are mobile payments?

You may wonder how secure your personal and financial information is when using mobile payments. Generally, mobile payment technology uses several security measures to protect consumers. For example, encryption allows mobile payment apps to analyze your bank details and replace them with a token to secure your information. This token is used to process payments in-store, in-app, or online.

Individual apps can implement their own security measures. For example, Samsung Pay relies on fingerprint recognition, facial recognition, or a secure PIN to authenticate your identity for transactions. The app encrypts your data and stores it securely and applies the same fraud protection to your linked credit and debit cards that you receive from your bank. You can also remotely lock your device to prevent anyone from using it if it is lost or stolen.

However, mobile payments are not without risks. For example, email fraud can lead to fraudulent transactions being processed through mobile payment apps. Additionally, your account information may be vulnerable to credential theft when using unsecured public Wi-Fi networks. Human error can also expose your information if you don’t take steps to secure your mobile devices, such as enabling facial recognition, fingerprints, or multi-factor authentication.

Is…

Will carrying cash or cards become a thing of the past?

According to Worldpay data, mobile payments are gaining traction but have not fully replaced cash or credit or debit cards. And even if that eventually happens, it may take several years into the future. This means that carrying a credit card, debit card, or a small amount of cash is still wise if you are concerned about being in a place that doesn’t accept mobile payments or losing your mobile device. In the meantime, you can start gradually transitioning by exploring different mobile wallet apps to decide which one is best for you.

Source: Worldpay. “Global Payments Report 2018”, page 9. Kount. “2018 Mobile Payments and Fraud Report”, page 7. CardConnect. “How to Solve Mobile Payment Security Issues”.

Source: https://www.thebalancemoney.com/who-accepts-mobile-payments-4777407