How to Use Mobile Payments Safely & Understanding the Basics

Asenqua Tech is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

SAFE MOBILE PAYMENTS AND THE BASICS

Mobile payments are now not a choice but an integral part of human life in the digital world, which we all had to accept. Whether it is online shopping and food delivery or transportation fees, smartphones do allow fast transaction but there are also many terrain factors located in Malaysia compared to other countries. Such convenience has, of course, given rise to security fears and questions about the safety and privacy of personal data.

In this guide, we will breakdown the basics of mobile payments and some tips on how to utilize them safely in an even more digital world.

1. What Are Mobile Payments?

And to pay not the credit card directly, but instances such as smartphones tablet wearable and so on — also known as mobile payment. In contrast to cash or card transactions, the mobile payments work based on App enabled methods using QR codes and NFC technology which allow for a easy user experience in completing purchases.

Types of Mobile Payments

NFC PaymentsSony Pay, Apple Pay and Google Pay —Tap your phone on a payment terminal to take action.

QR Code Payments: Apps such as KakaoPay, NaverPay, and Payco allow users to scan QR codes to authorize payments.

In-App Payments – Transactions that occur within a mobile app, such as buying something in the Google Play Store or Apple App store.

Carrier Billing (Micropayments): An opportunity for products to be further merged with mobile, directly charging users a fee and putting the charge on their next phone bill or prepaid payment.

Mobile payments are increasingly being used as a necessary means for global users of conducting their affairs conveniently and effortlessly.

2. 5 Tips to Stay Safe using Mobile Payments

As fast and convenient as mobile payments can be, they do carry with them certain security risks. Read more to know some invaluable steps on how you can secure your data and conduct mobile payments safely.

1) Create Passwords and Biometric Authentication

For your mobile payment apps, set up fingerprint scanning, face recognition or use strong passwords. This provides the additional barrier to prevent unsanctioned access.

② Never use public Wi-Fi to do transactions

Using a public Wi-Fi network is similar to putting your private financial information up for grabs. Transact only on safe networks (such as home Wi-Fi, LTE or 5G)

3] Check the Transaction History Regularly

RIP of charging you twice, or without permission. Frequently check your payment history to catch if anything fishy is going on.

4 Do NOT Keep Unnecessary Payment Information

The vast majority of shopping apps provide the convenience to save payment information for quick checkouts. But entering payment information when making purchses manually can be a bit safer to avoid data breaches.

When you make a payment, use only authorised and trusted Payment Apps.

So Please Do Not download payment apps elsewhere; Use the only official app store (Google Play Store, Apple AppStore).

3. Mobile Payments- Trends 2020

On the other hand, as mobile payments advance, new security technologies and payment methods are developing.

1) Increased Deployment of Biometric Authorization

Finger and facial recognitions payment systems are very common these days this minimizes the risk of frauds but increases safety.

② The Rise of Cryptocurrency & Blockchain Based Payments

Blockchain technology ensures that these transactions are secure and transparent which has led many businesses to start accepting payments from customers in various forms of cryptocurrency.

3. Growth in Buy Now, Pay Later (BNPL) Services

BNPL is a payment method that allows people to purchase products immediately while allowing them emi-copy-gal-1213703to pay in installments over time. Driven largely by the millennial consumer seeking alternatives to rigid payment methods, this trend is becoming increasingly mainstream.

4. 3 Things to Be Careful of While Using Mobile Payments

① Set a Spending Limit

Overspending: with mobile payments, this can be so easy and quick. In such apps, users can set the monthly limit in order to be more specific about how much they are spending.

2 Check Carrier Billing Settings

Almost all mobile payment systems offer some form of carrier billing for micropayments (as low as $0. Ensure to review and customize the settings in order not being charged unnecessarily.

3) Watch Out for Phishy Stuff & Bogus Payment Links

Many scammers send counterfeit payment links to you in the form of text or email. Make sure always to double-check the payment request from another source never click on unknown one.

5. In Summary: For Sustainable Mobile Payment Practices

Sure, mobile payments are as easy can be but consumers need to play it safe and sensible. Using some of the basic security measures, standing by reputable services and obviously monitoring your payments you can safeguarding financial data

And the interest in Zeropaybank  (micropayment cashing) is rising too, so using a secure financial platforms while examining such services could make a difference.

Make your digital cashless world experience safe, quick and hassle-free by following the best practices of smart payment habits.