How secure the mobile payments are?

In the today’s world, making payment for different purposes is made simple and quicker using the smart phones. Mobile users have the privilege to buy goods without giving money to others. It is a real fact that mobile payments are now considered far better than the credit card payments. But, here the question arises is “are mobile payments secure?” the comprehensive answer is “yes”; before that you just have to know about the technology behind the security. There are many mobile payment apps are available in the market, which make the users feel easy and comfortable. Let us see the most competitive mobile app in the digital market.

Google wallet app

One of the major mobile payment options is the Google wallet. In order to use the wallet, hold the mobile up to a sensor at checkout. This allows automatic withdraw from the user’s account. People feel that it is very faster and better when compared to a credit card payment. Even Apple pay works the same way with the thumb print scanner on the phone to verify the user as an additional security for the payment.

Google wallet can be downloaded from the play store. The user has to look for “buy with Google” option. The main benefit is the storing of gift cards and rewards in the wallet. The main drawback of the app is that it requires an NFC-chip which is not common with smart phones for transmitting information at a checkout.

Google wallet app is not only for shopping but also transferring funds to your family and friends. While you are out with your friends on vacation you can use the app to pay bills instantly and your friends will reimburse it to your account. Cash is not mandatory for paying your bills. Coming a heavy security system with AES and 128 to 256 bit encryption, Google Wallet is the world’s one of the highly secured and preferred mobile payment options.

The most important feature is the information residing on the server in secure locations. It provides a 24/7 fraud protection and surveillance. In case your mobile is stolen, you have to enter the Pin to use Google wallet.

Square wallet app

One of the major payment apps in the market is the square wallet app. The Square is a company for enabling the iPhone and iPad users for accepting the credit card payments with an add-on device used to swipe. Your phone’s GPS allows the store to know about your presence and availability. Turn your GPS on and tell your name to the cashier to make the purchase. Then the cashier will just click the picture to charge you. There is no need for a wallet.

Google wallet is different from a square wallet as it uses neither an NFC nor HEC technology. Square also encrypts the information and the payments. The additional benefit of the square wallet is that it reduces the processing fee for credit cards and gradually increasing the profits.

PayPal mobile payment app

PayPal is the leading online payment app over a decade. Nowadays, PayPal is more competitive in the market. The transaction can be done easily by entering the mobile number at the checkout. Here, store no need to purchase card reader and other hardware. That is the reason PayPal mobile payment stands first in the market. PayPal is more secure than any other payment because every time it asks for one time password to make a payment. You can manage all of your bank accounts, once the app is linked to your PayPal account.

Now it is the conclusion time, is mobile payment apps safe and secure? It depends on which mobile payment apps you choose and which technology those apps have adopted to secure your password and other details. Security on the prominent mobile payment apps are strengthened with bar scanners, encryption, PIN codes, eye scanners, fingerprint IDs and the option of constantly changing passwords. Now a day, most of the mobile payment app creator’s use highly advanced technologies to mitigate the contingency risks.

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