![]() When you make a mobile payment, you’re essentially using your smartphone as an all-in-one electronic wallet. It’s worthwhile speaking to your bank and credit card provider to find out more about their mobile payment fraud policy. Most importantly, mobile payments are likely protected by your bank’s zero liability policy just as fraudulent credit card purchases would be. Arguably, tokenization is safer than having to input a credit card PIN or swiping your card, because that gives an unscrupulous merchant or bystander the opportunity to view and steal your card information. Your app service provider and merchants never have access to your actual banking data. This token disguises your sensitive information and is only “translated” into your banking information once it reaches a secure financial service provider. The process of tokenization replaces confidential financial information (like your bank account or credit card number) with a randomly generated unique number (a token). Though older generations of Canadians may still not be completely comfortable or trusting of online and/or mobile banking, the fact is that mobile payments are just as safe as using a physical credit card.Ĭustomer data is protected the same way sensitive credit and debit card information is, through a system called tokenization. Are Mobile Payments Safe?Īnother major reason for switching to mobile payments is security. Many payment apps also provide a digital record of purchases and thus offer an easier way to track and record spending when compared to paper receipts. ![]() Mobile payment applications also allow users to keep a myriad of credit, debit and rewards cards all in one app rather than sorting through dozens of physical cards every time we want to pay for something.īecause of the expense of mobile phones and our reliance on them for everyday activities and social networking, we’re also much less likely to forget them at home or lose them as we possibly might a debit or credit card. For most of us, access to our smartphone has become a daily necessity, and it’s much easier to carry around a mobile phone than an unwieldy purse or wallet.
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