3 keys to understanding why mobile payments are more secure and reliable

If you want to show your customers – or gain a better understanding yourself – of why it is convenient to pay through mobile devices, read on.

As we have seen, a number of physical stores have already implemented mobile payments and are already seeing the benefits of this strategic decision.

This method of payment makes even more sense now because not only is it likely to increase your customer base but it is also the only way to ensure that there is zero physical contact during a financial transaction, which is especially important during times of quarantine.

But when it comes to security and reliability, there are even more benefits. We invite you to find out more.

Are mobile payments safe?

According to research conducted by major media outlets such as El País newspaper, paying with electronic devices such as cellphones is even safer than paying with plastic cards, thanks to the technology and legal anti-fraud measures that are becoming increasingly effective.

There are 4 factors that ensure the reliability of this payment system:

  1. Cellphone or smartphone authentication systems, ranging from passwords to PIN codes and biometric elements, act as the first major layer of device security.
  2. Near Field Communication (NFC) is activated every time the phone is brought close to the payment terminal, using a short-range radio frequency that in turn allows the user to be the only one to validate his or her data and the amount of the transaction.
  3. Token or unique, random, single-use code, which is exchanged between the app installed on the customer's cellphone and the payment entity, unequivocally identifies the transaction.
  4. Good practices in mobile payment. There will always be cybercriminals trying out new fraud techniques. For the same reason, users should be take care to act in a secure manner, for instance using only reputable applications

The interesting thing is that the more people use them, the better these security elements get, so the best thing we can do is to promote its use.

Why use mobile payments?

Whether you look at it from the point of view of the consumer or the seller, the influence that the pandemic has had on consumer habits is undeniable. One of the major reasons for choosing mobile payment today is that it is the only way to ensure a contactless money transaction.

Using mobile applications for payments during the current pandemic and any future epidemic situations that may arise is useful as it helps avoid the spread of the disease and also ensures physical distancing.

Why implement mobile payments in your business?

A significant advantage of the mobile payment system is due to the reliability attributed to it by the telecommunications and banking industries, who have adopted a range of measures to favour the development of mobile payments in Chile, leading to the massification of electronic means of payment and financial inclusion.

As the Financial Inclusion and Electronic Means of Payment Report states, given that it is increasingly feasible to operate mobile payment systems associated with bank accounts, the private sector has great opportunities to innovate by offering a wider range of products and services.

What happens when you lose your phone?

This is a major concern for people who start paying with their phone, as they have to enter all their bank details on it. However, just as happens when you lose your physical wallet, what you have to do as soon as you detect the problem is to block all the associated means of payment.

However, in the case of cellphones, Apple's "Find My iPhone" or Google's "Find My Device" systems can also be used to block the contents in just one operation.

Sign up here if you have a business and want to join our AmiPASS network:

You can also use QR to make your payments by downloading the App: https://www.amipass.com/cobrar-con-qr/

AmiPOS: Learn more about the success of using and managing your business. https://www.amipass.com/comercios/

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