Are smartphone payment systems more secure than using a credit card with a chip?
NFC (Near Field Communication) is a short distance non-contact technology standard designed for easy and secure communication of two electronic devices. Mobile cards can be used to store more than one card, such as a debit card or a credit card. In this way, you can pay by sending a card from your wallet to the non-contact terminal and using your smartphone over the credit card machine instead of inserting it. With NFC, you can pay with the card that you have installed on your smartphone. You don’t have to carry cards on a bus or train. It is also possible to carry only your smartphone during transportation. Besides, you can also use your smartphone in devices such as vending machines and parking meters.
How smartphone payments work?
To make a contactless payment with your smartphone, you need to define your credit card on your mobile phone. Your bank may also set a limit for payments made in this way. Or you can set this limit yourself. Once your credit card is defined on your phone, you can make your payment by moving your phone closer to the credit card machine. In most cases, you will also need to key in a passcode to the credit card machine for transactions above the limit.
How secure are smartphone payments?
Your security is not in danger when paying with a smartphone. Because what you need to do when you lose your credit card is basically the same as when you lose your mobile phone.
You should call your bank immediately to disable the payment feature of the phone when you lose your smartphone with your credit card defined. Since your limit is not too high, you may lose as much money as only your limit if your phone is used for shopping in the meantime.
You can also set an extra password on your phone to prevent payment without your confirmation. In addition, you can prevent payment by disabling the payment function of the smartphone.
However, this is not the case with credit cards. First of all, you may not be aware for a long time that your credit card has been lost or stolen. Your credit card can be used both in contactless payments and on Internet payments until you realize that your credit card is lost or stolen.
So, we can claim that payments made by using smartphone sare far more secure than the payments made by credit cards. Payment solutions of GB Payment ensure your security and can help you wherever and whenever you need it. Technology is a very useful tool if you work with companies with enormous expertise such as GB Payments.
We have a fast and easy on boarding process which offers you the best and quickest way to start accepting payments for your business. GB Payments can help your business’ payment solution needs and offer you the best in house solution for your merchant credit card needs. - 0800 009 6169 or firstname.lastname@example.org