Why use Mobile Wallet?
More people are turning to a Mobile Wallets for a quick, easy and secure way to pay for purchases.
Mobile Wallets are a payment option that offers increased security because Mobile Wallets are encrypted. You can shop confidently, knowing Mobile Wallet doesn’t send your credit or debit card number with your payment. Instead, it uses a token with random payment codes that cannot be used again to represent your account information so your card details are never shared with the merchant and stay safe.
With retailers widely accepting payment by mobile wallet, you can easily pay for your purchases at thousands of stores (like Target, Walgreens and Walmart) and participating apps (like Panera Bread, Dunkin’ Donuts) by using your smartphone, smartwatch or another compatible device, like a tablet.
To get set up, choose your Mobile Wallet:
What is tokenization?
Mobile payment security is complicated. Each transaction you make involves security procedures used by the retail outlet, the credit card company and the bank or credit union that issued the card. With so many variations of mobile payment security explanations each filled with technology jargon about encryption and other high-tech processes, they can read like a foreign language to the average person and seem confusing. But, one of the key parts of the security offered by mobile payment services is easy to understand: tokenization.
Tokenization has been described as one of the most secure and fraud proof payment mechanisms available.
How it works.
With a tokenization payment system, the key information you need to know and understand is that when you pay the store, retailer or restaurant, your 16-digit credit or debit card number is replaced by a number, called a “token.” The token is a randomly generated, unique number assigned for a specific merchant. Since they don’t get your real card number, your accounts are protected.
By using a mobile wallet payment service to pay a retailer, if that retailer is hacked, your actual credit or debit card number won’t be compromised even if your transaction data is obtained by fraudsters. They’ll only get the token, and because your token is unique to that merchant, it can’t be used to make purchases anywhere else.
You can feel better and more secure knowing your sensitive information is safe when using mobile wallet payments. Think about downloading the app today and shop smarter with your SCU cards.