Mobile Payment: Is it safe?

Hand touching mobile screen of a Payment successful message on shopping mall background

If you’re wondering if mobile payment is safe, the answer is it depends on your definition of safe. While it’s certainly much safer than credit card transactions, and much safer than carrying cash or a chec

k with you everywhere you go, mobile payment is not without risk.

Encrypted Transactions

So, let’s take a closer look at mobile payment safety, especially when it comes to the security of personal information. The answer is that these days it’s highly unlikely to find a bank or other financial institution that’ll allow you to have your card numbers or personal information directly printed onto any paper product.

As a result, the technology used to transmit these electronic transfer services are usually encrypted. They’re considered highly secure, even when it comes to the processing of payments to customers.

Therefore, if you’re concerned about anyone having easy access to your personal information, you can establish a PIN, fingerprint, or facial recognition code to be required for you to process any mobile payment. Besides, most of the time, the service’s processing charges can be automatically deducted from your account, usually via your monthly credit card statement.

No Risk Of Losing Your Card

With all of this said, there’s nothing to be completely alarmed about mobile payment. You’ll not run the risk of losing your wallet, credit card, or anything else that could help someone obtain this personal information. What you’re doing is avoiding the risk of a hacker gaining access to this sensitive information by sending it to the merchant’s company’s computer system.

How Safe Is A Mobile Payment?

So, what’s the answer? Yes, there’s some amount of safety, but not complete security. However, the safety level is much higher than what you’d find with most other types of transactions, such as credit cards, checks, and even with paper checks.

If you want to be more certain, you should consider shopping online or digital banking rather than offline.

As previously stated, most consumers don’t feel safe with mobile transactions. They also fear that their credit card information, such as credit card numbers and expiry dates, could be intercepted during a transaction, which would render their purchases void.

Fortunately, most online businesses are working hard to protect consumers’ information, which is why they don’t require a credit card number to process any purchase. Some companies even provide a money-back guarantee in case you’re dissatisfied with the transaction and reach them out to get your money back.

The Bottom Line

Although mobile payment is safe, there are a few security concerns that you must keep an eye out for.

If you have a credit card, it’s recommended that you use a secured site to pay for your purchases, mostly if they’re done using your credit card. Because your credit card and online account are linked, it’s best to have precautionary measures with online transactions.

Some websites require you to enter your credit card number to check out. If this is your case, putting extra security features to your mobile payment will do the trick.