Is there a right or wrong way to pay? Does it really matter if you use your physical debit card or your phone’s mobile wallet?
Well, that really depends on you and what you value most in how you pay (and if a business even accepts mobile payments). Both ways have advantages and the end result is the same: you get what you pay for. Where you fit among these values could best determine if you reach for your phone or wallet:
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You believe in speed
Time is money, and you don’t want to waste it. With a mobile wallet purchase, you pull out your phone, unlock it, hold it next to the pay terminal, and, depending on which payment system you use (Apple Pay, Google Pay or Samsung Pay), type in a PIN or approve with your thumbprint or face scan. That should take about 5 seconds or so.
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The other option is you pull out your wallet, open it, work your card out of its pocket, insert it into or swipe it through the card reader, and wait about 5 to 10 seconds for it to process. Then you have to put the card back and put your wallet away. That’s about 20, maybe 25 seconds, if not more.
An online or in-app purchase is even quicker with a mobile wallet. Instead of having to type in your card information every time, you can choose Apple Pay, Google Pay or Samsung Pay. You could save your card information with the business to speed up your checkout the next time, but that can expose your personal information if hac-kers break into the system.
If speed is important to you: mobile wallet is the clear winner, assuming the business supports it.
No matter how you use your card – whether your swipe, insert, tap or use your thumbprint – paying with your debit card can eliminate or reduce your monthly service charge in our select Advantage or Access accounts. That means you can get our best perks at little or no cost by using your debit card for everyday purchases.
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Security is of the utmost importance
Mobile wallet transactions are one of the safer ways to make a purchase – using a random number, or token, instead of your account number. Your account number is never seen or stored whether you make a purchase in person or online.
Your debit card works in a similar way. When you insert your debit card in a chip reader, a one-time passcode is used to process the payment. But if the business doesn’t have a chip terminal, you’ll have to swipe your card and your information is read off the magnetic strip. That can put your information at risk. If hac-kers attack their systems and access your account information, you could have the hassle of getting a new card and perhaps dealing with identity theft.
Source: https://tholansonnha.com
Category: mobile
