Mobile payments: The Benefits of Tap-and-Pay
You walk into a store to grab something – a bottle of water or pack of gum – and cringe when you realize your forgot your wallet. Drats.
It’s a struggle many shoppers face, but that could all change thanks to the tap and pay ability enabled by smartphone apps like suretap’s mobile wallet. Along with speed and convenience, there are many benefits to tap-and-pay, including:
1. The convenience of using a smartphone that you always have with you
Chances are you’re more likely to forget your wallet or credit card at home than you are to forget your smartphone. In an informal poll on The Huffington Post, more readers said they’d actually choose to leave their wallet at home over their mobile phone. Having all of your payment credentials in your phone means there are fewer things to carry around, which can be particularly handy if you’re somewhere like a concert or sports event.
To use a smartphone to complete transactions, all you need to do is load your payment card onto a secure area of the phone, then hold it up to a contactless payment terminal (the same terminals you use to pay with a tap-and-pay enabled plastic card), and voila! You’re done. You can get in and out of a store in record speed. There’s no PIN to enter (though you can add one for extra security if you want) or receipt to sign.
2. A “one-stop shop” for all of your cards
With apps like the suretap wallet, you’ll be able to go beyond simple mobile payment functionality. In fact, you’ll soon be able to use suretap with more banks, gift cards, loyalty cards, transit passes, identity cards, and other services as well. This means you’ll be able to leverage a single app to access a virtual equivalent of all of your essential cards instead of carrying a physical wallet or purse or toggling between multiple apps on your phone.
3. It’s just as secure as your plastic card
We’ll avoid boring you with a full rundown of the technical details, but here’s the gist: Your payment information can be secured by two layers of passcodes – your phone’s passcode, and an optional passcode in apps like the suretap wallet. Furthermore, your payment information is stored in a “secure element” within your SIM Card, and you can control when your phone is in “payment mode” (as opposed to tap-and-pay enabled plastic cards that are always in “payment mode” and broadcasting for any point of sale terminal to read).
The bottom line
It’s estimated that 75% of top retail stores in Canada are already equipped for contactless mobile payments with their existing terminals, putting us well on our way to super quick and convenient transactions. And with plenty of NFC-capable smartphones available as well, it’s prime time to get on board.
What do you foresee as the biggest advantage with mobile payments? Tell us in the comments below.