Digital wallets. Safe?
We live in a world where everything is digitized — available at more or less one click. People have become spoiled and lazy and expect everything to be within reach. As more and more people use online shopping, according to research on the statistics page for the US market, there will be 230 million online purchases in 2021. So people are switching completely to digital. And so, digital wallet, which now has over 500 million users worldwide, will make more and more sense.
According to industry forecasts, Apple Pay is projected to be the leading digital wallet with 227 million users worldwide, up from 140 million users in 2018. Samsung Pay and Google Pay are expected to reach 100 million users each in 2020.
What are the problems behind so many users increasing day by day? In 2017 alone, the FTC received 133,000 credit fraud applications, and that number will grow day by day. You must be wondering how to increase your security. Is Apple Pay Safe and How Safe is Google Pay. The short answer would be that generally speaking, digital wallets or in-app mobile payments are a safer way to pay than using a credit card online or in-store. Why?
When we pay with a digital wallet or mobile payment (Apple Pay, Google Pay, Samsung Pay, PayPal, Venmo, etc.), the store (to which we pay) does not receive the details of our credit card, debit card or any other sources where they can withdraw money. Otherwise, in most cases, they get a one-time code that is good and valid for only one purchase. So, even if one of the employees in that store/company wants to get our credit cards, or if the company is hacked, they would not get any information about our cards that we used to buy.
So, we should use a digital wallet or mobile payment within the app instead of a credit card, debit card or any other “traditional” payment method when we can. Of course, there are still security risks with digital wallets and mobile payments within apps. Therefore, we need to take some more steps to make them more secure.
Use an app/wallet that has a reputation. Not all digital wallets or mobile payment apps have the same level of security. Generally speaking, large software companies such as (Apple, Google, PayPal, etc.) certainly have better security software than some companies we have never heard of. So do a little research for digital wallets mobile payment reviews and see what results you’ll find there.
Some digital wallets have changed their name so that those names that no longer exist can be encountered. For example, Google Wallet and Android Pay have merged into Google Pay. Also, some people use abbreviations like GPay which refers to Google Pay. As you research, you’re likely to ask yourself, “What are the top used mobile wallets?”
Here are the wallets with most users, according to Auriemma Consulting Group:
1. Apple pay: 77% of mobile wallet transactions
2. Samsung Pay: 17%
3. Google Pay: 6%
Yes, Apple Pay is safe to use, also Samsung Pay and Google Pay. Merchants you buy from don’t receive the details of your credit card (or other accounts); they only receive a unique, one-time code that’s only good for that purchase. Even Apple doesn’t see the details of your transaction.
We also have one very important item. And that is that it is not purchased through public Wi-Fi. If you’re buying online, don’t do it over public Wi-Fi (the Wi-Fi offered at many coffee shops, restaurants, public libraries, etc.). Someone else on that network could see what you’re doing and possibly capture financial data. It’s much safer to use your device’s mobile/cellular data connection. If you must use public Wi-Fi, use a VPN (Virtual Private Network) to protect your traffic as it travels over the public Wi-Fi network.
You shouldn’t link your digital wallet or mobile payment app to a debit card, checking account, or savings account. Why? If someone were to gain access to your account, they’d be able to do more damage by having access to those accounts than to your credit card.
To conclude, the conclusion would be that today, more than ever, one needs to be careful when choosing a digital wallet application to do research that is good and safe. Don’t take for granted this kind of thing because it’s about your money.
