Source: news.consumerreports.org --- Sunday, October 16, 2016
You can hardly go into a drugstore or convenience store these days without seeing an option to pay using a mobile wallet such as Android Pay (formerly Google Wallet), Samsung Pay, and Apple Pay. These mobile wallets can hold your credit, debit, and prepaid card information—along with other cards—in your smartphone. Only about 15 percent of smartphone owners use them to pay for purchases, according to the latest survey data from the market research firm CMB, but usage almost doubled from 2013 to 2015. And CMB says it will continue to rise over the next few years. Here are five reasons to be part of this trend along with some caveats. Mobile wallets offer increased security. They're safer than carrying a credit card or cash in your wallet, says Joy Hackenbracht, a research officer with the consumer banking project at The Pew Charitable Trusts. That's because information stored in mobile wallets is encrypted, so the details of your credit card, for instance, aren't accessible to others. When mobile wallets transmit data to make payments, they never transmit your actual account numbers. Instead, they use encrypted payment codes. And your phone can't be opened without your fingerprint or a personal identification number, so getting to your data is much tougher than opening up your wallet or pocketbook. Even if a thief bypassed all the security, the risk to you is low. Mobile wallets usually require an underlying credit or debit card ...
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