Online payment systems are continuously growing and making the consumer experience faster and more efficient. We can discuss the new method of payment technology used by Apple’s newest version of their iPhone, the iPhone 6. The ability for customers to upload their credit/debit card information and using just your fingerprint data saved to the cellphone make any payment in stores and online. This technology is nothing short of amazing. Have you ever had the problem of losing your credit or debit card? Well this new form of technological online payment has created a totally innovative way of alleviating consumer concerns for safety and comfort at the time of making an online purchase. We can also discuss other innovative online payment systems in which consumers are currently taking advantage of. One example of this would be Amazon’s "Buy now with 1-click" payment feature offered to their account holders. The premise of just having to click on out button and the transaction instantly processing is astonishing. This feature is not only a huge commodity for online shoppers who like to purchase things as simply as possible. But also a great benefit to Amazon in the sense that impulse shoppers can now purchase things before they have a chance to debate very long or see their cart size and purchase amount growing. So, both the consumer and the retailer benefit from this technology!
Of course there will always be people who want to argue about whether these new technologies are safe for the consumer. Is having all of my payment and personal information stored somewhere for ease of use really a good idea? What could happen if my information is stolen? Well according to CNN "Apple has stated on the record that they do not store fingerprints, and nor do the actual iPhone devices. Instead, the iPhone stores the result of a check -- a “hash,” which may be unique, but can't reveal your actual fingerprint." This prevents anyone from obtaining a copy of your fingerprint and using it for unauthorized purchases.
One could even argue that storing your information through an encrypted online payment system is actually safer than keeping your credit and debit cards in a wallet. If someone were able to illegally obtain information through an online system they would most likely only get pieces of data and so much data that it would be difficult to sort through and do significant damage quickly. However, if you lose your wallet, the person who finds it now has all of your physical cards as well as your license which has your address that is most likely linked to your cards, unless you use a P.O. Box. They can now use these to make unauthorized purchases quite easily at gas pumps, stores and online retailers.
So, obviously with all these new systems and technology comes a great deal of responsibility as well as legal concerns for companies implementing them and consumers using them. However, good use of caution and an understanding of the technology can allow even the most skeptic person the ability to take advantage of the benefits that come with online payment systems.
Would you say it is safer to use an online payment system instead of having a debt or credit card in your wallet?
ReplyDeleteI wouldn't say that one is safer than the other one, its just how more convenient is one way of purchase compared to the other one. In terms of security all this companies that offer this kind of services like apple pay are controlled by high security softwares, and every day are improving, so for this reason in my opinion over the years this will be the way payment is going to be done and a safer way to keep our bank accounts stored.
DeleteDaphne,
DeleteI would say online payment systems are far more secure than having a debit card in your wallet but not more secure than having a credit card. The reason is that debit cards can be processed as credit cards at many locations like gas stations where people can use them without having to have your PIN but can deplete every penny out of your account before you are aware the card is stolen. Even after you realize the card is gone and your account is empty you will not be able to easily reclaim the funds you had. However, with credit cards, owners are not liable for any unauthorized purchases and anything they can contest to the credit card company can be credited back to their account. Also many credit card companies have limits that will restrict an owner from spending too much money in a short period of time so a thief would only be able to rack up a limited number of unauthorized purchases. No system can ever prevent 100% of theft, but some offer users the ability to contest unauthorized purchases in ways debit cards do not support. Thanks for your question!
I found this post very interesting and like how you shed light on both sides of the fence. I guess what it comes down to is the security strength of the information system that is relating and storing such personal data as debit and credit card numbers.
ReplyDeleteDylan,
DeleteThat is what it really does boil down to when considering security. Thanks for reading!
With these payment systems, I feel like it is more secure to have your information stored on a single app rather than each merchant having record of your information.
ReplyDeleteLauren,
DeleteThat is certainly something to consider. The more places you have your info the more you are exposing yourself to potential theft. Some people prefer to keep their info in just one place they trust, while others don't seem to mind putting their info everywhere as long as the convenience is worth it to them and hope for the best. Thanks!
I agree that is seems safer to have all of your information in one location rather than increasing the risk of having your information compromised by having it on multiple sites.
DeleteConvenience does play a role for me when I need to make payments online. In some cases the benefits outweigh the costs. Doing research on the security of the site you are using can help sway a user in their payment decision making process.
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ReplyDeleteAs technology improves the safety and security of using online banking systems we tend to feel safer, but technology is also improving for those who try to access that information illegally. Do you think digital banking systems will be able to keep up with the ever evolving security risks?
ReplyDeleteLindsey,
DeleteWhile no system will ever be able to fully stay ahead of security threats, I do believe the fact that so many companies have been affected by hacking has raised awareness across the industry to ensure user data is stored and encrypted as securely as currently possible. Those that seek to do harm will never stop but we cannot allow them to keep us from adopting new technology as it becomes available. Thanks!
At the end of the day I believe that the consumer has nothing to worry about when it comes to security. If somehow some money got takes, the band will always give a refund, no matter what.
Deletelosting debt and credit is one thing but online hacking for your information is another thing. losting debt and credit- you can cancel it but online give the hacker your information of life. "your work place" or "your children's school" or your home address or your incomes or you online
ReplyDeleteI recently heard that people can steal all of your credit card information without physically taking the card, just by using some type of machine.
ReplyDelete