Thanks to Google Pay and Apple Pay, you can now conveniently use your smartphone or watch to make payments at retail stores instead of using your physical credit card. This offers the temptation of leaving your bulky wallet at home. Additionally, many cities around the world have also integrated these apps for transit payments. However, it is crucial to consider the security aspects and exercise caution when relying on these apps for your everyday payments. Here is all you need to know about the safety of tap-to-pay in apps like Google Pay and Apple Pay.
Are Google Wallet and Apple Pay safe to use?
Apps such as Google Pay, Samsung Wallet, and Apple Pay are actually more secure than using your physical credit card. This is due to the implementation of tokenization, which provides an extra layer of security compared to traditional cards. When you add your card to a payment app, the details like the 16-digit number and expiry date do not get transferred. Instead, the app requests a token from your bank or card issuer. This token is a unique, random number that is stored exclusively on your phone. It is important to note that your bank or card issuer only provides such a token to trusted apps like Google Pay and Apple Pay. Furthermore, you must verify your identity by entering your card details and receiving a one-time password over SMS in order to receive the token. This tokenization process makes payment apps more secure since they do not store your card number.
The token is securely stored within the protected area of your phone’s SoC, similar to biometric data such as fingerprints. Even if someone were to hack your phone to access this token, it would be rendered useless on a different device. Additionally, a portion of the token changes every time it is used, based on variables like the date and time, making it unfeasible to intercept and reuse. This also means that even if a payment terminal is compromised, it cannot extract any card information when you tap your phone. The obtained data would appear as random numbers, preventing any personal information from being exposed.
How do payment apps like Google Pay and Apple Pay work?
Payment apps utilize your phone’s near field communication (NFC) antenna to facilitate transactions. NFC is a wireless technology that allows two devices to communicate over short distances, similar to hotel or office keycards. By bringing your phone within close proximity of a payment terminal, you can complete a purchase. Unlike physical credit cards, your phone can be programmed to act as a different card, enabling you to store multiple cards across various apps and switch between them at your convenience.
Can saved cards in Apple Pay and Google Pay be accessed if my phone is lost?
Saved cards in Apple Pay and Google Wallet are securely locked behind your phone’s lock screen password or biometrics like fingerprint recognition. Even on devices such as an Apple Watch, enabling a digital payment method will require a PIN for authentication. This added layer of security prevents unauthorized individuals from accessing and using your saved cards. Therefore, using payment apps on your phone is deemed safer than carrying physical credit cards, as the latter could be easily misused if lost or stolen.
In conclusion, both Google Pay and Apple Pay offer a secure and convenient payment method, safeguarding you from potential credit card fraud and skimming. These apps utilize tokenization to protect your card information, making them a safer alternative to traditional cards for transactions. It is recommended to set a secure lock screen password or PIN for your device to enhance the security of using payment apps.