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The latest in technology from big guns Apple, Google and Samsung is the introduction of mobile payments on board their flagship phones. With mobile payments the future is looming – do away with cash and credit cards (possibly your whole wallet) – and just use your mobile phone to buy goods and services.
NFC
If you’ve ever used the PayPass feature on your debit or credit card then you will have already used the same technology. It’s called Near Field Communication, or NFC, and involves having your devices (the credit card and the PayPass terminal in this case) within centimetres of each other to make a purchase.
NFC can be used in either one-way communication (the PayPass terminal reads and writes information to your credit card) or two-way communication (e.g. two phones exchanging contacts). The technology requires that both devices have the NFC chip in them. It’s different from Bluetooth communications in that NFC requires a lot less power to operate.
Availability
NFC comes standard with all the newer versions of iPhone – iPhone 6, iPhone 6 Plus, etc. and Samsung – Samsung Galaxy S6, Samsung Galaxy Note 5, etc. For other manufacturers check with your supplier to see if your phone is equipped with NFC technology.
Multiple Cards
On your phone you have the option of adding multiple debit and credit cards to your digital wallet meaning that you don’t always have to be using the same source of funds for your purchases. Each company’s phones have different ways of switching the technology on so it’s best to have a quick Google on how to set it all up.
Available Facilities
Most Australian banks with PayPass enabled EFTPOS terminals, or single PayPass terminals are starting to accept payments via a tap from your mobile phone.
Commonwealth Bank have brought out the technology for use earlier this year. For Android phones running Android OS KitKat 4.4 or above and equipped with NFC you can use it straight away on a Commonwealth terminal. For iPhone 6 you’ll need to pick up a PayTag sticker from Commonwealth Bank before you start use. The payments are available for purchases of up to $100. ANZ are poised to launch their new system in the following weeks, with similar operating specs.
Security
The security of NFC in your mobile phone transactions is just as secure, if not more so, than your credit card. If a credit card gets stolen then the thief could rack up a bunch of PayPass payments before you figure out what’s going on. If your phone gets stolen, and you don’t have it locked, potentially the same thing could happen. However if your phone is locked the thief would need to know your password to access the payment channels. Not only that, with most phones these days you can simply delete all the data from your phone remotely, should you realise it’s gone missing.
Considering your phone may now be your entire wallet you’ll want to make sure that you are taking extra care of it. If you are prone to losing or breaking phones, without a wallet to get you a cab fare home you may be in a spot of bother.
Take care of your phone by adding a bright case to make it stand out in the crowd, or a rugged case to keep it from shattering and cracking when you drop it. Take care of your screen by adding a regular screen protector or a tempered glass screen protector. Make sure you don’t run out of battery by picking up various chargers – mains chargers, car chargers and powerbanks.
With all of these phone protecting methods in place you can be sure you’re never stuck without access to your funds again.
