More and more stores are providing the option of a mobile pay system, but what does that mean for the consumer.
Stores such as Wal-Mart, Apple, Rite Aid, Starbucks, KFC and many others are allowing a form of digital payment to be used. If you have a smartphone you have access to this digital wallet.
It starts with downloading Apple Pay, Android Pay or Samsung Pay. Depending on what phone you have will determine what app you chose. When you have registered on the mobile app you can by goods at any participating store by tapping your phone against the stores payment terminal. The card that you have on file with the app will then be charged.
Forrester predicts that over the next several years we will see a huge increase in digital wallets. Where as now only about $4 billion are being used, they say closer to $34 billion will be going through this payment method.
This new way of paying is convenient because you don’t have to fumble with cash or cards, all you need is your phone. For most of us these days, we never go anywhere without our smartphone.
Consumers want to know, is this safe? Apple, Samsung, and Android pay all say it is safer. You are assigned a substitute card number per phone so if the system gets hacked they get this number and your main card is not compromised.
