7 reasons why mobile payments will continue to prevail

Consumers can make payments on their phone or tablet at any time and anywhere, a particularly useful feature for people who do not have easy access to traditional financial institutions or for those who wish to make a payment quickly and easily.

Mobile payments: cash or smartphones?

It is increasingly common and practical to perform online banking transactions using a computer or mobile device. Given the importance of banking information, great caution must. Here are some essential precautions.

• Avoid using a Wi-Fi wireless local network or a public computer (p. ex. In a public library or internet coffee) for your online banking transactions due to the high risk of “electronic listening”.
• Make sure the website is encrypted. Look for the locking symbol () or the prefix ” https: // “At the start of the URL address. If you see the symbol or prefix ” http: // “, The site is not secure.
• Make your antivirus up to date and the browser version you use or your smartphone operating system is the most recent.
• Avoid to use the “Remember me” option or the automatic entry function for your password and personal information.
• Take care to choose a difficult password to guess that includes capital letters, tiny letters, figures as well as special characters such as ! @ # $ % ^ & * () .
• Check your password by means of an online verification device. Make sure to use a secure site to protect yourself.
• Consult the policies of your financial institution concerning online services. In Canada, there are institutions (including federal regulation banks) which have agreed to be linked by a voluntary commitment to online payments.
• Close the browser window once your bank transactions are completed and empty the cache memory by deleting navigation history.

What are the risks?

• Mobile payment systems may not protect you when you make payments using your debit or credit card. Make sure the payment service provides you with information about the advantages, risks and conditions of use of payment methods offered. You must take the time to understand these aspects as well as the extent of your financial responsibility if you are the costs.
• Your privacy could be threatened. You leave a trace of your personal interests and your purchasing habits each time you make a payment using a mobile device. The data obtained by mobile payment service providers are sometimes sold to marketing companies.
• The privacy of consumers who make mobile payments is protected by the Personal Information Protection Act and electronic documents of the federal government. However, many service providers are based in the United States or elsewhere and, therefore, they may not comply with Canadian law. In some cases, foreign governments may legally access personal information concerning Canadian and Canadians.
• Mobile devices are vulnerable to safety -related exploits (viruses, spyware, etc.), which are often carried out without the knowledge of users or without their consent, and an attack on security can give rise to an identity theft and fraud.
• Finally, if the battery of your smartphone is discharged or if you lose your device or you are stolen, you no longer have access to your payment applications.

What can you do to protect you?

Whether you use a desktop computer, a portable computer or a mobile device, you need to be vigilant to protect yourself. here are a few tips.

• Create difficult passwords to guess for your mobile devices, financial accounts and applications.
• Do not communicate your passwords to anyone.
• Regularly change your passwords.
• Install software that will protect your computer from viruses, computer worms, Trojan horses, rotten and malicious software.
• Awareness of fraud techniques, such as bans in which fraudsters try to dive people so that they give them their passwords or other information, especially those used to identify them.
• Protect your devices (phone, computer or tablet) from flight or loss.
  • Thieves can enter or grab your device while you walk on the street or in a shopping center, even when you speak on the phone!
  • Someone can take your device if you let him temporarily unattended (“I turned my back and he had disappeared”).
  • You can simply forget it somewhere.

  Useful links

  General sites

  • Association of Canadian Bankers: Fraud Prevention
  • Canadian consumer guide: consumer privacy
  • Canada Identity Flight Victims Support Center: Guide to Overline Identity Flight
  • Competition office: the little black book of fraud
  • infocablement.CA: complaint roadmap

  Banking services, credit or debit card payments and mobile payments

  • Canadian Banker Association
    • Security of contactless payment cards
    • Credit card fraud
    • Things to remember before doing bank transactions
    • Use of mobile devices
    • Secure use of devices allowing web access

    Internet use

    • Think cybersecurity: risks of cybersecurity
    • Canadian Consumer Guide
      • Complete collection
      • Online shopping
      • Phishing
      • Rotten
      • Spy software
      • Telemarketing

      Identity theft

      • Canada Antifraude Center (formerly Phonebusters): Identity theft: could you be the victim?
      • Association of Canadian bankers: protect your money: how to protect yourself against identity theft
      • Canadian consumer guide: consumer information
      • Canada Identity Flight Victims Support Center
        • Information sheets
        • Online identity flight prevention guide
        • Prevention
        • Support for victims
        • Toolbox
        • Identity flight verification list
        • Identity and fraud flight
        • Identity flight and you

        7 reasons why mobile payments will continue to prevail

        As we all know, mobile payments refer to the use of a mobile device, such as a smartphone, to pay goods or services. These payments can be done in different ways, in particular by using a mobile payment application or by seizing payment information directly on a website or other online platform using a mobile device.

        Mobile payments are a practical and sure way to make transactions. Their use has become common and we no longer feel the need to always have liquid money or cards on us. They are safe, effective and correspond exactly to our dynamic rhythms of life.

        But will mobile payments be relevant in the next 5, 10 or 15 years ?

        Certainly, and here are 7 reasons why they will continue to be important for the financial sector in the decades to come.

        Consumers can make payments on their phone or tablet at any time and anywhere, a particularly useful feature for people who do not have easy access to traditional financial institutions or for those who wish to make a payment quickly and easily.

        “Ten years ago, I had to go by car to the electricity company and make a long line to pay my bills. So I had to be away from my work during the day. Fortunately, mobile payments have made this process obsolete.

        1. Mobile payments technology is constantly improving and new features are constantly added, which contributes to stimulating innovation in the sector. For example, we can today make an instant payment by entering information relating to the beneficiary on a QR code, and we may expect to see this type of innovation multiply in the years to come.

        “Believe it or not, mobile wallets could soon become portable automatic counters. Imagine that you go to a service station and that instead of looking for an automatic counter, you used your mobile wallet to make a person with a merchant and take your money in the comfort of your car ”.

        1. Mobile payments can help simplify the payment process, by reducing the time and efforts necessary for users to carry out a transaction, but also to companies, by reducing the time and the resources they devote to tasks such as rapprochement cash registers, the processing of credit card transactions and the management of cash deposits. To date, there is no alternative to this type of convenience for traders.

        In conclusion, the financial sector is constantly evolving, and mobile payments are at the forefront of this change, and will continue to be if they maintain security, speed and convenience, and if they support an innovation and increased accessibility beyond traditional infrastructure.

        And if we were talking ?

        You want to know more about the ProgressSoft Interoperable mobile payment switch ? Start by contacting us at [Email Protected] .