“Paying with just a wave of your phone can be more secure than a physical card.”
Mobile payments are safe—and they are faster and easier than paying cash or using a card.
If you have a smartphone, you can use that to pay for things with a wave of your phone. If you have a smartwatch, you can even use it to pay. It’s known as a digital or electronic wallet, or eWallet, and if you haven’t yet given it a try, you may want to. Not only is it easy to use, it can be faster and more secure than swiping a credit or debit card.
“The convenience of a digital wallet is something that would be useful for most people,” says Stefan Ross, vice president of credit card products at Fidelity. “You can quickly, safely, and securely pay for purchases with the touch of a button or, in many cases, your fingertip.”
The above words all come from an article published by Fidelity at: https://www.fidelity.com/viewpoints/personal-finance/digital-wallet.
Indeed, the move to replace (easily lost or stolen) credit cards with a mobile device can add a lot of security. To be sure, digital wallets, such as your cell phone, are not perfect either. They can be “cracked” or hacked but not as easily as a credit card can be lost, stolen, or simply hacked. At least the mobile devices require passwords if a thief or hacker steals your phone or accesses it remotely. Still, obtaining data from a mobile device is more difficult than doing the same thing with a plastic card.
The savvy user also adds even more protection to his or her mobile phone, such as encryption, a fingerprint reader, or facial recognition, all security measures not commonly available with old-fashioned credit cards.
“What’s in your wallet”? You might want to increase the security of your “wallet.”
You can read the full article at: https://www.fidelity.com/viewpoints/personal-finance/digital-wallet.