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 the safest mobile payment service? ›
Our Top Tested Picks
- Best for Android Users. Google Pay. Jump To Details. ...
- Best for Buying Stocks and Bitcoin. Cash App. ...
- Best for Shopping Online. PayPal. ...
- Best for Instant Bank-to-Bank Transfers. Zelle. ...
- Best for Purchases iOS and Mac Users. Apple Pay. ...
- Best for Contactless in-Store Purchases. Samsung Pay. ...
- Best for Paying Friends. Venmo.
Mobile payments offer convenience, speed, and security, significantly impacting payment acceptance rates. This article delves into the multifaceted influence of mobile payments on acceptance rates, exploring the benefits, challenges, and future implications for businesses and consumers alike.
What does mobile payment do? ›
A mobile payment is the transfer or payment of funds typically to a person, merchant or business for bills, goods and services, using a mobile device to execute and confirm the payment.
What are some of the pros and cons to mobile payment methods? ›
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.
How safe is safe pay? ›
Card details are encrypted using AES-256 GCM while the decryption keys are stored on a separate machine. As such, cards are not stored anywhere on our servers or our databases. They are only used as passthrough values when forwarding them to our partner service providers.
How safe are online payments? ›
Online bank transfers conducted between reputable financial institutions are generally very secure. Most banks now require their customers to complete multi-factor authentication when making payments from their account and use advanced fraud detection measures to prevent criminals gaining unauthorized access.
How popular is mobile payments? ›
Mobile payments apps are used by more than two billion people globally, with millions more coming online each year. In India, South-east Asia and South America, some of the younger generation skipped the usual process of owning a credit or debit card, in favour of using mobile apps.
What is the safest payment? ›
Electronic checks are inherently safer than physical checks as they cannot be lost or stolen, and any eCheck also gains the encryption provided by the ACH as well as the ability to reverse your payments under certain circ*mstances.
Is payment through phone safe? ›
Online or Mail Order/Telephone Order (MOTO) transactions (also known as Card Not Present) carry a higher risk of fraud due to the limited ability to authenticate the cardholder as genuine and the anonymity of the purchasing process.
Over-the-phone payments can be more prone to fraud than those made in person or online, but there are steps you can take to protect yourself.
Why is mobile payment better? ›
With mobile payments, you can say goodbye to long queues and tedious checkout processes. With a simple tap, transactions are completed in seconds, saving you time for other tasks. Whether you're in a rush at the checkout counter or making a quick online purchase, mobile payments enable swift transactions.
How to secure mobile payments? ›
Two-factor authentication
Otherwise known as '2FA', this form of security uses two forms of identification for authentication. This can be a combination of a password, a payment card or phone, and a biometric mechanism such as a fingerprint, voice or facial recognition.
Does mobile payment use lead to overspending? ›
Research even shows your overspending risk is significantly higher when you use mobile payment apps because your consumption increases and your money management time decreases.
Why might someone choose to use mobile device payments? ›
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.
Why mobile payment is popular? ›
Mobile payments have not only made transactions faster and more secure but have also helped small businesses grow by enabling them to reach a wider customer base. The ease of mobile payments has led to increased impulse purchases and higher overall sales.
What is the objective of mobile payment? ›
Protects payment details and consumer identity. Better conversion rates. Reduced customer support costs for merchants. Alternative monetization option in countries where credit card usage is low.
