Sub category: Digital
23 August 2017

Mobile Myth Blitz: Why your wallet is safer in your phone

Holding onto that sacred wallet of yours? At ING, we believe that now’s the time to – as Elsa would say – let that thing go! We understand that change can sometimes be an uncomfortable or uneasy experience, or you may feel unsure about Android Pay and other mobile payment solutions.  You’ll be pleased to know that it’s actually a much safer payment method than you first thought.  So let us put your mind at ease and make the transition to mobile payments that much smoother.

Now you see it, now you don’t: One-use tokens for extra protection

In the world of mobile payments, tokenisation is the fancy word that describes the process of protecting sensitive data and replacing it with a randomly generated number called a token. This token replaces a payment card’s static credentials, such as the card number or expiration date, with virtually substituted credentials. Now you may be thinking, isn’t it more dangerous having my card numbers stored in my phone? In fact, you can rest easy knowing that this unique token is worthless if stolen or skimmed by fraudsters attempting to make online purchases, as it cannot be used beyond its purpose.

Mobile payments, such as Android Pay, use this technology when processing payments. If you’re without internet and need to use Android Pay, the app will tap into a limited number of stored tokens on the device – nifty!

Nobody but you: Identification layers to keep your money safe

Unlike a traditional card, there are many layers of virtual and physical protection when making mobile payments.

  1. Just like a transaction with your physical card, Android Pay won’t work for purchases over $100 unless you enter your card pin number into the terminal.
  2. Adding an extra layer of protection, the latest version of Android Pay supports fingerprint authentication, for mobiles with fingerprint sensors.

With all of these layers in mind, you can be rest assured if anyone gets hold of your phone, no phonies can make purchases without your authorisation.

Untouchable: Keep personal data in your hands

The beauty about a digital wallet is that your personal information is never physically stored! Your wallet may be cluttered (do you really still need that expired coupon voucher in there?), but your digital wallet will always stay clean. With Android Pay, your encrypted data is safely stored on the cloud. For peace of mind, if you ever happen to misplace your phone, your money and data will be safe. Android device manager allows you to instantly lock your Android Pay account from anywhere, anytime. You are able to secure it with a new password or completely wipe it clean of any personal data.

Now remember, just like you would protect your card pin, you should also keep your phone pin private. Here are some handy tips to secure your personal device and keep scammers at bay.

So now you know why mobile payments can be safer than your traditional wallet, why not learn how to impress your friends with these Android Pay magic tricks!

Important information: Android Pay is a registered trademark of Google Inc. The Android Pay Visa Debit Card Terms and Conditions for ING DIRECT customers are available for your consideration in the Android Pay app.

Find out all you need to know about ING's mobile banking.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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