Apps

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  Pros & Cons of Using Mobile Payment Apps

  Are you considering using a payment app such as Apple Pay or Google Pay? Here are the pros, cons, and draws of paying via your phone.Pro: Fast & ConvenientYou just need to tap your phone on the machine and you’re done.Pro: Digital SecurityMost mobile app payments don’t store your credit card information. They’re tokenized. Basically, they use a digital “token” as a stand-in for your personal information, and they make transactions with a one-time security code. Even if hackers got a bunch of people’s tokens, they couldn’t do anything with them since it isn’t equivalent to getting a bunch of credit card numbers.Pro: Physical SecurityYour phone data is protected with encryption and maybe biometric security. Even if a thief gets your phone, they won’t be able to access your payment app.Pro: Reduced ClutterOne way to carry fewer cards is to put them on your phone.Draw: Transaction HistorySome mobile payment apps are compatible with budgeting and spending tracking apps. But many credit card providers offer this functionality too.Draw: Rewards ProgramsSome mobile payment apps track rewards cards. But some don’t, and some rewards cards don’t work with mobile payment apps or they require their own app. If you’re a major reward points maven, make sure your preferred program works with your desired mobile payments app.Draw: Variety of Payment AppsA store might accept some but not all payment apps. For example, at the time of writing, Walmart Canada doesn’t take Apple Pay, but they do take Walmart Pay.Draw: Widely Accepted . . . But Not Universally SoMobile payment apps aren’t an obscure payment method in 2024. Many if not most businesses take them. With that said, not everyone does, and you’d be in a bit of trouble if you didn’t have a credit card at a restaurant that doesn’t take mobile payment.Con: Not All Phones Can Use Payment AppsMany mobile payment apps rely on near-field communication (NFC) technology to work. But not all phones support NFC. If you have one of these phones, this conversation is kind of moot. And if you do use payment apps, you’ll have to be sure that any phone you upgrade to in the future supports NFC.Con: Phone RelianceConvenience can be a crutch sometimes. Sure, it’s great when everything is on your phone—until your phone’s battery dies. Or you lose your phone. Or smash the screen. Or one of any number of problems.Con: FeesAs with any financial instrument, it’s important to look into what fees you’re paying when you use payment apps. And as with anything, it can be a nuisance to compare fees across several payment apps and then compare that data with fees for credit or bank cards.

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  5 Best Apps for Organizing Your Time

  This is the year you’re going to get super-organized, right? You’re going to clear your clutter, then pick up a few gadgets to make your life easier, and finally start managing you...

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  5 Best Personal Safety Apps

  Everyone can benefit from having a personal safety app on their phone. Whether your family includes children who are just starting to go places by themselves, seniors who want a be...

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  4 Best Learn-to-Read Apps

  Learning to read is a pretty big project. Luckily, these apps can provide a good starting point for your pre-reader to get an idea of the alphabet, how letters sound, and how they ...

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  4 Best File Sharing Apps

  Whether you want to share pictures, videos, the kid’s homework, or whatever, these file sharing apps will make things easier.SuperBeamThe app: SuperBeam.Platforms: iOS & Android.Co...

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  6 Best Apps for University Students

  No matter what subjects you’re taking at university, you’ll need to organise your schedule, handle documents, create bibliographies, study, and stay safe. That’s why we’re recommen...

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