Are Credit Cards More Convenient than Apple Pay?

 

Are Credit Cards More Convenient than Apple Pay?

 

Electronic payment facilities are here to stay and very convenient but are prone to fraud. So where do the new Google and Apple Payment Apps stand? The mission of these new apps is to make transacting money quicker and easier than before. They want the transaction to be seamless. If making payments through the new apps is easier for you, won’t it be the same for fraudsters and crooks? Are credit cards more convenient and safer than Apple Pay?

 

New Apps

Well, Apple Pay is widely accepted across many countries now, and Android Pay or Google Wallet will soon be in many new countries too. Both require registration of existing debit cards with the respective payment system or App installed in a consumer’s smartphone. If this isn’t already set up, consumers will want to register their money or savings with a bank or a credit union, such as https://northcoastcu.com/ for example. From there, their money can be accessed via a debit card or by using new online banking methods. Ensure that the bank chosen acknowledges these new techniques. The Apple Pay app must then be downloaded and set up, allowing customers to access and use their money straight from their bank account. In order to complete your transaction, simply wave(or touch) the handset at a scanner at the Point of Sale (POS). You don’t need your actual card for the transaction.

Both systems use NFC (near field communications) technology and are compatible with new Android models, iPhone 6, and Apple Watch. However, your handset has to be less than a couple of years old for full compatibility. A passcode will be required to confirm the purchase. Yes, this does look like a safe payment option. But what if you lose your phone? You can easily freeze your account instantly. Unfortunately, it may be too late to prevent any misuse that may have happened before your freezing of the account. If your bank details aren’t stored on the phone, it may not be easy for the crook to breach your account. But then again, most smartphone users have a PIN or security code for accessing their phone and that acts as another roadblock for fraudsters. So, when compared to a stolen credit card, a lost of stolen phone with a PIN will be much more secure and will not allow fraudulent transactions.

Contactless payments with debit cards are considered an easy and safe way to make transactions. When it comes to making secure transactions, the keying-in of a PIN number is a step in the right direction.

Related: What is Google Hands Free?

 

What About Other Payment Options?

Android and Apple Pay are rising in popularity, as they require a simple touch for checkout, without requiring shoppers to fill in any card numbers or address forms or PINs and signatures. This makes such payments easy and secure, compared to credit card payments, which require you to fill in pin card or other account details for checkout.

The emergence of Apple Pay and Android seems to threaten the widely popular PayPal service. With PayPal, you have the advantage of sending money to businesses and individuals, which makes it a seamless and convenient way of making payments. PayPal also protects certain transactions from fraudulent activities.

Swiping your credit or debit card is a risky proposition that triggers an exchange of sensitive information. There is no such risk in using Apple Pay, as your payments are safe, hassle free, and quick.

Related: Suffering From an Electronic Payment Solutions Overload?

 

At the end of it all, it boils down to what you, the consumer, feels safer with. If you are someone who understands new tech and Payment Tokenization and its Benefits, you may be wondering what all the fuss is about. But for those who aren’t up to date with payment tech, they may feel safer with their debit and credit cards.

 

Contact Us for more information on Credit Card Processing, or eChecks and ACH Transactions. Or take us up on our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!