Every day more and more Australians are choosing to add their debit, credit or eftpos card to their mobile wallet so they can tap and pay at the checkout using their smartphone. In fact recent figures show that one in seven of us have already made a mobile contactless payment in store.
Many choose to pay this way because of the convenience, but as people learn more about how the technology actually works, increasingly consumers are also seeing the security benefits of adding their card to payment apps like Google Pay, Apple Pay and Samsung Pay.
Here are some of the facts about the tap and pay technology on your mobile device that will help debunk some of the common security myths.
1. It’s secure to set up on your phone
When you add your debit or credit card to the payment app on your phone, Great Southern Bank will send a one-time security code. You’ll need to enter this code to be able to add your card to your device. It means that only you can add your card to a mobile device.
2. Card details aren’t stored on your device or shared with merchants
Even when you have added your card to your device, your card details are not stored on it. Great Southern Bank ensures that your card is securely linked to your mobile device so you can use it to make contactless payments. But even if someone else has access to your phone, they can’t access your card details.
Similarly, when you tap and pay with your phone at the checkout, your card details aren’t shared with the merchant.
3. Fingerprint or passcode authentication is required
In order to be able to make a payment by tapping your phone, you’ll need to unlock it first, either by using your fingerprint, or by entering the passcode for your device.
So even if your phone falls into the wrong hands, it can’t be used by anyone else to make payments. This extra level of authentication means it’s arguably more secure than tapping your card.
4. Lost your device? No worries
When your bank card is lost or stolen, you’re usually in a race against time to cancel so it can’t be used by anyone else. But if you lose your device, you don’t need to worry about someone else using it to make payments. As mentioned above, fingerprint or passcode authentication is needed, plus your card details aren’t stored on your device.
As well as this, many phones have a ‘find my phone’ feature that allows you to put your device into ‘lost mode’ if it’s been lost or stolen. This would help in getting it returned to you, lock or disable the device, or completely wipe it for additional protection if needed.
Ready to get started?
If you’d like to try out this convenient and secure way to pay, just select your preferred mobile payment method below.