What You Should Know Before Setting up Mobile Pay on Your Smartphone

A look at three facts surrounding digital payments and digital wallet apps

6/26/2019 2:00:00 PM
What You Should Know Before Setting Up Mobile Pay on Your SmartphoneWhen you’re in a hurry, mobile payments can help you save time and be more efficient. Wave your smartphone, smartwatch, or tablet in front of a payment terminal, and your account is automatically billed for your purchase. However, like all technological innovations, there are some details you need to be aware of when using the service. Here are three factors you should consider when activating mobile payments on your device.

1 – Device Compatibility

While relatively common, not every smartphone, smartwatch, or tablet can support mobile payments. You’ll need a device with near-field communication (NFC) capabilities, which are typically found in higher-end electronics. You’ll also need to find and set up the right mobile wallet system for your device: Apple Pay for iOS devices, Google Pay for Android and Samsung Pay for Samsung phones.

2 – Enhanced Security

According to Brian Yeager, an analyst for eMarketer, mobile payments are more secure than even some credit cards. He explains that most payment apps generate a unique, one-time-use code for each transaction. That way, if hackers were to intercept the payment, they would only find a string of meaningless code — not your credit card or bank account information. Mobile pay also requires you to authorize each payment with your fingerprint, so it’s much harder for crooks to fake your identity when making purchases. For an added layer of protection, if your phone falls into the wrong hands, you can remotely disable your payment apps.

3 – Checkout Convenience

One of the biggest attractors to using mobile payments is speed. Digital wallet payments are fast — instead of digging through your purse or wallet to pay with cash or traditional payment cards, you simply hold your device in front of a terminal. Transactions made via mobile payment often work with credit card and debit card incentive programs, like My Cash Back Rewards, and customer loyalty bonuses, so you can earn rewards without carrying around a bundle of plastic cards.
If you’re committed to making your wallet go digital, be sure to have a charger or a portable power bank on hand for emergencies to ensure your device has enough power so you can access your money to make payments.
An increasing number of retailers are making mobile payment an option, but you may encounter some locations where you’re not able to use your digital wallet. If you live in or near a larger city, you can find mobile payment options conveniently located where you need them.
Discover what’s available to you through North Shore Bank’s Digital Wallet service.