Nowadays, more and more people pay for their purchases with a smartwatch or phone. Mobile payments as a safe and fast payment method are here to stay. However, many may still be hesitant of introducing mobile payments to their everyday life. We collected five facts that will help you get started.
Don't forget to also add all your Edenred benefits to your electronic wallet, i.e. Apple Wallet or Google Wallet, so you can also pay with our benefits on your mobile!
1. How does mobile payment work?
Mobile payment generally refers to paying with a smart device. For example, you can pay at the checkout with a smartphone or smartwatch, and with a smartphone in online stores and within applications. It can also mean transferring money from one person to another using a phone number.
When you download to your phone or smart watch or use the most common electronic wallet applications, i.e. Apple Wallet for iOS devices or Google Wallet for Android devices, you can store all your payment cards safely with you wherever you go. In this case, you can pay with either Apple Pay or Google Pay, both as a contactless payment at the cashier and as a remote payment in an online store, and you don't have to search for code numbers or enter the card number when paying.
2. Are mobile payments safe?
Mobile payments mostly use biometric identification, i.e. facial recognition or fingerprint, which makes it a very safe way to pay. In this case, no one but you can access the payment application. When you pay for purchases online, you also do not have to provide your payment card information or your personal identification number to the online store, which further increases security.
If your phone is lost, no one else can access the payments, because identification is done with a fingerprint, face recognition, or your own security code.
3. What are the benefits of mobile payment?
Mobile payment is a modern, really fast, and effortless way to pay for purchases. You don't have to remember pin codes thanks to biometric identification, and forgetting your wallet at home is no problem. A mobile phone or smartwatch is always with you - and when you add all your payment cards to your electronic wallet, everything you need is automatically carried with you! When paying with contactless payment at the checkout, you can also pay hygienically without touching the payment terminal or cash.
4. Where can you use mobile payment?
Mobile payment based on electronic wallets can be used in general at all payment locations with a payment terminal and remotely in online stores. Mobile payment using an electronic wallet works in the same way as contactless payment with your payment card. The only real difference is that your cards are stored and safe in your electronic wallet, heavily protected by your smart device, not in your physical wallet.
5. With all Edenred benefits, you can pay mobile with Apple Pay or Google Pay
Did you know that even when paying with all the benefits of Edenred, you now have the option to use mobile payment? When you add your benefit-specific physical or virtual card to Apple Wallet or Google Wallet, you can pay with your benefits easily and on mobile. Edenred is the only provider of employment benefits in Finland whose benefits you can add to Apple Pay or Google Pay.
Edenred's cards and benefits travel safely and easily in your electronic wallet just like your other payment cards. A lunch date, an ex-tempore swimming trip, or a massage at the end of the day? By mobile, you can easily pay for spontaneous adventures with employment benefits in the blink of an eye.
FAQs
Mobile wallets secure a user's credit or debit card information through highly-advanced methods of encryption and tokenization. Encryption is a security feature that uses a secret key to ensure private information is only accessible to the sending and receiving parties.
What is a benefit to using mobile payments? ›
Mobile payment technology offers quick payment processing options. There is no need for data entry, and it reduces wait times. Customers also receive the option to choose digital receipts or invoices.
How do payment apps keep you safe? ›
Plus, mobile payment apps require you to enter a PIN (personal identification number) or authenticate with biometrics like a fingerprint or face ID with every transaction. So, even if someone gets access to your device, it's unlikely they would be able to use it to make purchases.
How safe is it to pay with your phone? ›
A digital wallet — is even more secure than a chip card because it doesn't use your actual card number for the transaction. As a security measure, your card information is only used in the initial setup of the wallet, helping increase mobile payment protection.
What are the pros and cons of mobile payments? ›
Mobile payments can be convenient, fast and secure. They can, however, be expensive and still vulnerable to issues with technology. In particular, if there are any issues with the host phone, mobile payments will be unable to work at all.
Why is mobile banking safe? ›
Mobile banking apps use encryption protocols to secure data transmission between your device and the banking servers to protect your information from unauthorized access.
How do mobile payments work? ›
The customer holds their device close to the NFC-enabled POS terminal, approximately within two inches and this initiates the transaction. Both devices use RFID technology (NFC is a subset of this technology) to pass encrypted information back and forth to process the payment, which happens within a matter of seconds.
How do mobile payments make money? ›
How do mobile wallets make money? Mobile wallet apps' banking partners (i.e., the banks that host customers' connected payment cards) pay the mobile wallet companies a small percentage of every purchase their customers make through the app.
Is it safe to save payment methods? ›
Saving financial information, such as credit card numbers, or passwords in a browser is a very dangerous practice since it is easy to discover that information.
What is the safest method of payment? ›
Debit and credit cards
Not only are they quick and easy to use, but they offer a relatively high level of security and protection of your private data. If you're using a credit card, you don't actually pay for the goods or services until your credit card bill is due.
No, it is not safe to store your credit card information online, including on merchant websites or web browsers.
Is it safe to pay online? ›
Are online payments safe? Every time an online payment is made, there's a slight risk that hackers might secretly steal a buyer's payment information. If they do, they can use that information to make fraudulent payments to their accounts, purchase items or get access to cash.
Is iPhone pay safe? ›
Apple Pay is safer than using a physical credit, debit, or prepaid card. Face ID, Touch ID, or your passcode is required for purchases on your iPhone, Apple Watch, Mac, or iPad. Your card number and identity aren't shared with merchants, and your actual card numbers aren't stored on your device or on Apple servers.
Is Google Pay safe from hackers? ›
How safe is Google Pay? Google Pay protects your payment info with multiple layers of security, using one of the world's most advanced security infrastructures to help keep your account safe. When you pay in stores, Google Pay doesn't share your actual card number, so your information stays secure.
Is it safer to pay bills online or by phone? ›
It's generally safer to use your bank's online bill pay because you have more control over the payment process. You set the amount and date of payment rather than allowing the service provider to take the money from your bank account on their terms.
Why might someone choose to use mobile device payments? ›
Mobile Payments are Safe
Mobile payments offer safety and security advantages over more traditional payment methods. Cash can be easily lost or stolen, and even cash counting errors can lead to imbalances in your cash drawer.
