Smartphones are becoming more and more innovative and now, there are apps like Apple Pay and Android Pay to store credit cards and use them without the physical plastic card. According to a survey, one of the main reason that consumers are hesitant to adopt to mobile payments is the fear over security, data breaches, and hacking. But according to this article, mobile payments are safer than traditional. For every transaction made by mobile wallets, “mobile wallets create a random, one-time number — a transaction token — and even if someone was able to know that number, it’s not valid later.” This process is called tokenization and used by Samsung Pay, Android Pay, and Apple Pay. Another security measure that mobile wallets have while traditional credit cards don’t are authorizing payments with fingerprints. Mobile wallets also save recent transaction history for reference, allowing users to see credit card activity in one place.
I think mobile wallets still have security concerns despite the added safety measures it has compared to traditional credit cards. The fear of hacking and data breaches are definitely a concern because hackers are becoming more widespread and skillful. Also, there is a significant amount of personal information on our phones, which can be risky and concerning because many apps ask to access a lot of personal data before allowing the user to use their app. So users of mobile wallets need to be mindful of risks despite the many “safety” features.
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