Best Mobile Phone Wallet System

August 10, 2018

© Pressureua | Dreamstime

You've probably heard of Apple Pay, Google Pay and Vemno but do you use them? Many have been slow to embrace mobile payment systems, where your banking information is sent wirelessly via your phone to make purchases or transfer money.  However the peer-to-peer payment (P2P) system has proven itself to be more secure than even your chip-laden debit card and faster than the bank's electronic fund transfer system. According to Consumer Reports, Apple Pay and Samsung Pay are the highest ranked of these system in terms of payment authentication to prevent fraud and data privacy. Apple Pay came out on top because of its top security marks. Both Apple and Samsung generates virtual account number and your real card number is never given to the merchant. When you tap your phone to make a payment, it sends the tokenized card number and a cryptogram that acts like a password. The card network then verifies and processes the payment. Google Pay is a little les secure because it just requires the phone to be unlocked while Apple and Samsung require a fingerprint or face scan for the actual purchase. The technologies used limits the information it collects and shares on users, it doesn’t store credit or debit card numbers and it doesn’t sell personal info to third parties. Vemno, the mobile payment service that allows users to transfer money to others came in second but unless you change your profile to make your money transactions private, your money business is out for your friends to see.  Square is another mobile payment system used mostly by business that allows credit and debit cards to be used instead of cash. Ironically, Zelle, a newer payment system used by many big banks and credit unions, ranked the lowest but still received a good rating. Zelle’s app “lacks features that keep you from accidentally sending money to the wrong person. That could happen if you mistype a phone number.” Zelle said it would soon require senders to confirm recipients before they send money to them.

SOURCE: Lifehacker

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