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 mobile payments. 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 Google Pay or Apple Pay, use this technology when processing payments. If you’re without internet and need to use your mobile wallet, 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.
- Just like a transaction with your physical card, mobile wallet transactions won’t work for purchases over $100 unless you enter your card pin number into the terminal.
- Adding an extra layer of protection, the latest version of Google Pay and Apple Pay support biometric authentication.
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. Your card details are not stored by the merchant or by your phone.
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.
Important information:
Apple, the Apple App Store, iPhone and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Android, Google Pay and Google Play are trademarks of Google LLC. The Google Pay Terms and Conditions for ING customers are available for your consideration in the Google Pay app.
Important information:
Apple, the Apple App Store, iPhone and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Android, Google Pay and Google Play are trademarks of Google LLC. The Google Pay Terms and Conditions for ING customers are available for your consideration in the Google Pay app.
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