Why are Mobile Payments So Much Better?

Our phones now serve a much greater purpose than talking, texting, browsing Facebook or checking out Pinterest. One of the most powerful additions is the ability to use your phone to pay at the register instead of using cash or a physical card.

Currently there are three primary apps for mobile payments; Android Pay, ApplePay & Samsung Pay. This space will continue to grow as banks and retailers develop their own versions.

ApplePay and Android Pay use a technology called NFC (near field communication) and when on, the app will activate within a few feet of a terminal, ready for you to use. Panera, Whole Foods, Dunkin Donuts, Toys R Us, BestBuy and McDonalds are among the many merchants that accept this type of payment.

Samsung Pay is slightly different where magnetic transmission is used to interact with the card reader, allowing Samsung Pay to work on almost all credit card readers.

How it Works

Mobile payments are not as complicated as some may think. A special code connects your credit card to your phone. When you pay at the register, a unique code (token) is provided to the merchant. You authorize the transaction with your fingerprint. It is that simple.

More Secure than Plastic

While simple, every step of the process is more secure than using plastic. First, not needing the physical card to make the payment prevents it from falling into the wrong hands.

The token that is created for the merchant is useless to anyone else since it is tied specifically to that transaction. Think of the Target and Home Depot breaches, if the hackers stole tokens instead of credit card numbers, they would have been very disappointed.

Finally, the use of a fingerprint adds a level of security to an already super strong system. If your device fell into the wrong hands they cannot do anything without your fingerprint. At the time of writing, most purses and wallets did not come equipped with this technology.

Other Benefits

Do you really need more reasons? If so, here are a few more:

Lost phone - You can remotely turn off the feature.
Rewards points/Cashback - Works just the same.
Too many cards to carry around - Store them in one place.
Cluttered keychain - Store your loyalty cards, gift cards and more.

Getting Started

Getting started is simple; all you need is a phone that supports one of the mobile payment platforms and a debit or credit card from a supported bank. CHROME has you covered.