Throughout this semester, we have analyzed and seen the changes with technology and how it revolves around our lives. Although many of us would admit that we can’t leave our smartphones at home alone and enjoy the day without it, there is one more thing that most smartphone users still unable to do/rather not do with their high-tech phones: Using their phones as payment tools.
In a new report from BI Intelligence, [they] explain why mobile peer-to-peer (P2P) payment apps offer consumers significant advantages over cash and check transactions. They make transferring money faster, less expensive, and more precise. They also reduce the hassle of going to a money transfer agency, remembering a checkbook, or finding an ATM.
Many new generation of apps are invented to help consumers with using their phones as payment tools but still, many would pass that offer. Let’s see why.
Most people don’t trust their phones to do certain payments such as purchasing an item on Ebay, Amazon, or many shopping sites. However, in the context of peer-to-peer payment transactions such as money transfers (Chase Quickpay, PopMoney,etc), this payment apps is really helpful. Many people, including myself, rather not store some personal information and purchase an item online because of these top three reasons below.
Where do you stand?
[If the chart is unclear, open this link]
Read more: http://www.businessinsider.com/the-incredible-growth-of-payment-apps-2014-4#ixzz30HcOzfPn
This is very interesting because I always thought that people didn’t really like phone transactions because it’s not stable? The phone might not process it or it might freeze. Also the apps that are produced are not that great especially from companies that are not based on technology. The apps are always slow and does not seem reliable. I have a app for my bank and it always freezes and because I don’t want it to be logged into my account information I log in just to log out.
I am always surprised that people do not trust their phones for transactions because we have become so attached to them. We put so much personal information, I thought many people wouldn’t mind putting financial information on it.
This is actually one thing that I would love to see evolve more. I am part of clubs here at Baruch and right now we are trying to collect money for an event we are throwing. Payment method has definitely been one of our main concerns. The one downfall of this feature is the fact that a lot of these payment apps do take a certain percentage out of the money collected. If eventually this concept evolves more, I hope they have one that is 100% free!
I personally don’t trust paying on my phone, mainly because it does store your personal information to a certain extent. What if you lose your phone or get your phone stolen, other people can use your card to do their transactions. I think a lot of people would rather not risk it.
I actually have been using mobile apps such as PayPal and Chase Mobile to transfer money and balances. I find it very convenient, and I make sure to set the app so that my user id and password isn’t saved to my device just in case it gets stolen. I use the apps so frequently to log on to see my activity and balances that it doesn’t really bother me to have trust or security issues. I should be careful though…
I have never thought about it before and by “it”, I mean using our phones as payment tools. It seems only logical not to use our phones as payment tools because of how easily our phones can leave our sight and our possession. If a phones were used as payment tools that stores sensitive information was stolen then there would be so much to worry about. It wouldn’t just be about retreiving the phone but restricting access to the information inside the phone or restricting the ability of the person who has your phone to purchase or make transactions on your phone. Also, I think that if cellphones were highly used as payment tools, there would most likely be an increase in cellphone thefts.
I am a person who loves convenience, I hate banks, lines, and other tedious time consuming stuff. I bank online, I pay my bills online, I shop and pretty much live online and yes that includes paying from my phone.
I think that the technology is pretty safe and I take steps to protect myself such as using very good passwords, changing them often and I use password locks on my phones to prevent any unwanted access. I also clear my cache regularly and require codes to do stuff like online banking which also helps prevent unwanted access.
I like the convenience of doing what needs to be done on the go, at the bus stop, on the train (not underground obviously). I think that anyone who wishes to make use of this technology should read up on safety issues and ways to protect themselves online.
Many companies like Visa have online codes which you set up on your credit card so that when you shop online you just enter a unique code which you create before each transaction. This prevents anyone from using your info without your permission and even the merchant will only see a created number not your real credit card number. Otherwise I say go for it, just be safe.