With the advent of 2015, I feel that I am financially safer. I started using Google Wallet on my smartphone this past December. When paying with Google Wallet, you are using a one-time Google credit card number for that payment, and that number is only valid for that payment and is no longer valid after that payment. Thus if that credit card number is hacked, it is useless for any payments made by that hacker. My debit card is not used in the payment transaction, and the hacker cannot get to my debit card.
One significant drawback to Google Wallet is that it is not widely accepted by vendors. I have been able to use Google Wallet at Wegmans, Panera Bread, and McDonald's. I started to use Google Wallet when Apple Pay came out, but I don't have an iPhone, so I could not signup for Apple Pay. However, because Apple in now in the smartphone payment business, more people have been using Google Wallet. That hasn't yet encouraged more vendors to accept Google Wallet though. Given time, I think more vendors will start using Google's payment system. In the meantime, I feel a little nervous using my debit card for payment.
I noticed on the Google Wallet app that it mentioned a Google Wallet card. I did some research, and Google Wallet cards are accepted at all vendors that accept MasterCard cards.. Once you activate it, your Google Wallet card is linked to your Google account on your smartphone. You must have enough money in your Google Wallet account to cover the transaction. You add money to your Google Wallet account by transferring the amount from your bank's debit card. The transfer is done via the Google Wallet app, and it just takes a couple of minutes.
I just received my Google Wallet card yesterday, and I have activated it. I have some money in my Google Wallet account, so I am ready to use the card. Now I don't have to use my bank debit card for payments, and when I feel comfortable in doing so, I won't even have to keep my bank card with me when I am out and about. I now feel financially safer in using my Google Wallet card instead of my bank debit card. No system is perfectly safe, but at least it will be much harder for hackers to get to my bank account. Even if my Google Wallet card is stolen, the most money they can get is the amount of money in my Google Wallet account. Now all I have to do is go out and buy something with it. Yes! Progress is good!
Showing posts with label Paying with a Smartphone. Show all posts
Showing posts with label Paying with a Smartphone. Show all posts
Thursday, January 1, 2015
Sunday, December 7, 2014
Paying for Meals and Groceries with a Smartphone
When Apple came out with their Apple Pay smartphone payment system, I wanted to be able to pay my bills with my smartphone as well because Apple was in the game and and smartphone payment systems promise secure payments. I have twice been affected by unsecured payment systems at companies. My debit card was compromised by the Target hacking debacle last year, and a few months later another company (a senior moment, I can't remember the name of the company) where I had used my debit card was hacked. Fortunately, my bank account was not affected by these breaks in security, and my bank, The Fauquier Bank, was swift in giving me a new debit card each time. It was hassle to change my card information on web sites where I pay for things online, but at least my money, what there is of it, was and still is safe.
However, there was a problem. In order to use Apple Pay, you have to have an iPhone. I don't have an iPhone, and I did not want to buy one to just to be able to use Apple Pay. I do have another smartphone, the first HTC One. It doesn't have Apple Pay on it, but I do have Google Wallet on it. I have started to use it at restaurants and a grocery store. I have been able to pay my restaurant bill at Panera Bread and McDonald's and my grocery bill at Wegmans, my favorite grocery store. I would like to be able to use Google Wallet everywhere I go, but that is not possible now. It is not widely accepted yet, but the debut of Apple Pay has increased the use of other smartphone payment systems such as Google Wallet. Smartphone payment systems need to be deployed everywhere because hacking of companies and of banking accounts of people occurs everyday. These systems won't stop hacking completely because no system is perfect, but they will protect people much better than what is in place now.
It will be expensive to deploy these systems, but it will be more expensive not to deploy them. Look at Target. They have lost a lot of money and a lot of customers since they were hacked. Maybe if they had installed at least one of these payment systems, things would have been different for them. I was lucky. I did not lose any money when my debit card was compromised. I might not be so lucky if this happens to me again. That is why given everything else being equal, I will use an establishment that has Google Wallet over one that doesn't.
However, there was a problem. In order to use Apple Pay, you have to have an iPhone. I don't have an iPhone, and I did not want to buy one to just to be able to use Apple Pay. I do have another smartphone, the first HTC One. It doesn't have Apple Pay on it, but I do have Google Wallet on it. I have started to use it at restaurants and a grocery store. I have been able to pay my restaurant bill at Panera Bread and McDonald's and my grocery bill at Wegmans, my favorite grocery store. I would like to be able to use Google Wallet everywhere I go, but that is not possible now. It is not widely accepted yet, but the debut of Apple Pay has increased the use of other smartphone payment systems such as Google Wallet. Smartphone payment systems need to be deployed everywhere because hacking of companies and of banking accounts of people occurs everyday. These systems won't stop hacking completely because no system is perfect, but they will protect people much better than what is in place now.
It will be expensive to deploy these systems, but it will be more expensive not to deploy them. Look at Target. They have lost a lot of money and a lot of customers since they were hacked. Maybe if they had installed at least one of these payment systems, things would have been different for them. I was lucky. I did not lose any money when my debit card was compromised. I might not be so lucky if this happens to me again. That is why given everything else being equal, I will use an establishment that has Google Wallet over one that doesn't.
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