Skip to content
  • Home
  • Why Nayax
  • Business Types
    • Unattended

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Retail
      e-Commerce

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Quick links
      Tigapo
      Arcade management & monetization
      Weezmo
      Connect customers in-store & online activity
      EV Meter
      The Complete EV Charging Solution
  • Products
    • POS and Cashless Payments

      Retail

      Nova 156

      Nova 45

      Nova 55

      Retail One

      Unattended

      Cashless Payment Solutions

      DOT

      EV Meter (Electric Vehicle) Charging Solutions

      Nova Market

      Onyx

      VPOS Fusion

      VPOS Touch

      Management Suite and Telemetry

      Unattended

      Amit 3.0 Vending Machine Monitoring and Telemetry System

      MoMa

      NayaxVend Management Suite

      The Hive

      Retail

      Retail Management Cloud

      Marketing, Loyalty and Consumer Engagement Platform

      Customer Loyalty

      Marketing, Loyalty, & Consumer Engagement Platform

      Monyx Wallet

      Omni-Channel Solutions

      Weezmo

      Quick links

      Consumer Engagement
      Marketing and loyalty tools
      Shop
      Stock up on everything Nayax
      Support
      Here when you need us most
  • About
    • Company
      About Us
      Investor Relations
      Partner Program
      Events
      Careers
      Privacy Hub
      Resources
      Blog
      Press Releases
      News
      Webinars
      Videos
      Developer Zone
      Contact
      Support
      Sales
      Ethics
      Quick links
      Global presence
      Taking the world cashless
      Investor Relations
      Now traded on the Tel Aviv Stock Exchange
      Careers
      Join our growing team
      Contact
      We’re here to help you
  • Contact
  • EN
    • Dutch
    • French
    • German
    • Spanish
    • Italian
    • Swedish
    • Turkish
    • Hungarian
    • Japanese
  • Home
  • Why Nayax
  • Business Types
    • Unattended

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Retail
      e-Commerce

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Quick links
      Tigapo
      Arcade management & monetization
      Weezmo
      Connect customers in-store & online activity
      EV Meter
      The Complete EV Charging Solution
  • Products
    • POS and Cashless Payments
      • Retail

        Nova 156

        Nova 45

        Nova 55

        Retail One

        Unattended

        Cashless Payment Solutions

        DOT

        EV Meter (Electric Vehicle) Charging Solutions

        Nova Market

        Onyx

        VPOS Fusion

        VPOS Touch

        e-Commerce

        Cashless Payment Solutions

        DOT

        EV Meter (Electric Vehicle) Charging Solutions

        Nova 156

        Nova 45

        Nova 55

        Nova Market

        Onyx

        Retail One

        VPOS Fusion

        VPOS Touch

    • Management and Telemetry Suite
      • Unattended

        Amit 3.0 Vending Machine Monitoring and Telemetry System

        MoMa

        NayaxVend Management Suite

        The Hive

        Retail

        Retail Management Cloud

    • Consumer Engagement, Loyalty
      • Customer Loyalty

        Marketing, Loyalty, & Consumer Engagement Platform

        Monyx Wallet

        Omni-Channel Solutions

        Weezmo

  • About
    • Company
      About Us
      Investor Relations
      Partner Program
      Events
      Careers
      Privacy Hub
      Resources
      Blog
      Press Releases
      News
      Webinars
      Videos
      Developer Zone
      Contact
      Support
      Sales
      Ethics
      Quick links
      Global presence
      Taking the world cashless
      Investor Relations
      Now traded on the Tel Aviv Stock Exchange
      Careers
      Join our growing team
      Contact
      We’re here to help you
  • Contact
  • Shop
    Login
  • EN
    • Dutch
    • French
    • German
    • Spanish
    • Italian
    • Swedish
    • Turkish
    • Hungarian
    • Japanese
Shop
Login

Mobile Payment Apps Are Safe and Are More Secure Than Cash

  • Nayax Nayax
  • 07/11/2018

Table of Contents

  • Increased mobile payment safety with tokenization
  • Securing smartphones against fraudulent behavior

Payment apps have the potential to change the cashless payment landscape and speed up transactions in retail environments and unattended markets. Everything is set to change by 2020, the date by which Visa and MasterCard will be mandating contactless payment capabilities.

At present in the US, mobile payments have not been largely adopted, and its speculated that the reason is because consumers view it as risky. This is likely triggered by the incorrect but prevailing idea that credit card numbers are stored on one’s phone or a mobile wallet app’s server, and therefore susceptible to hacking and theft. Most consumers aren’t actually aware of how these payments work. This article will explain how transactions with mobile wallets work and show the security features built into the process.

Increased mobile payment safety with tokenization

To ensure consumers’ safety, mobile payment apps use encryption technology known as tokenization. This technology replaces personal card data with a tokenized number so that at no point in the authorization process is any sensitive data exposed. Instead of a credit card account number, a randomized 16-digit number (sharing the last 4 digits of a credit card number) is generated while the real account number is stored in a secure token vault. This temporary number has no use outside the authorization process and has a limited validity. Additionally, if the token is intercepted, it becomes void.

Mobile payment will become increasingly common and consumers don't have to worry about security breaches thanks to tokenization
Contactless payment via smartphones is more secure than you think thanks to tokenization.

Apple Pay, Android Pay, Samsung Pay, and Nayax’s own mobile payment app Monyx Wallet all use tokenization to secure their payment services. For this technology to work, consumers will need to have near-field communication (NFC) technology in their smartphones. NFC is available in all Android phones produced after the KitKat version was released and for iOS it has been available on all iPhones since model 6’s.

Upon payment a user needs to unlock their phone, and activate the payment app. The consumer selects the card they wish to pay with and holds the phone over the POS machine. The NFC transmits a tokenized number to the merchant, which in turn sends the encrypted data to the credit card lender.

Each time a token is created, it goes on a credit card’s file at the credit card network. The card lender confirms that the token matches the credit card that created the token and the transaction is confirmed to the merchant. The real card number is only sent to merchants when they want to bill an account holder. The card number is not stored by the merchant and they need special authorized devices to decrypt the tokenized numbers.

Securing smartphones against fraudulent behavior

Credit cards and cash leave consumers more vulnerable than mobile payments. If a credit card is intercepted, a consumer is in danger of a fraudulent credit card being created with their data. Another possibility is that if a credit card is stolen that it can be authenticated on mobile wallets on other phones and used for payments until the credit card is canceled. If a phone is stolen and one hasn’t protected the phone with phone passwords and pin codes, then the wallet can be used to pay for items.

The more likely danger in using mobile payment lies in consumers being idle about their phone security. However there are a lot of steps to protect smartphones that can be taken. Firstly, users can add PIN codes, passwords and bio-metric locks like fingerprints or face recognition technology. Secondly, smartphone users can install apps for remote tracking in case a phone is misplaced, lost or stolen. Thirdly, there are also wipe control apps, or apps that monitor typical phone behavior and block payment apps if suspicious phone behavior is detected. Lastly, users can lock the actual mobile wallets with passwords or fingerprint technology.

The takeaway from looking at how mobile payment apps are encrypted is that digital wallets are extremely secure, with an authentication process rich in protocols to ensure data safety and privacy. In fact, a transaction made with this payment method is much safer than the consumer who opts to pay with cash or a physical credit card.

  • cashless, Mobile Wallet, Payments, unattended

There’s more to see

Why Your Kiddie Rides Should Feature Cashless Payments

  • Nayax
  • 04.04.18
Read more
EMV card reader

Why You Should Switch to an EMV Card Reader

  • Nayax
  • 29.03.22
Read more

Which Country Will Be the First Cashless Country In The World?

  • Nayax
  • 07.06.18
Read more
1 2 … 26

There’s more to see

רכז\ת תפעול ושירות

  • 08.06.22
Read more

דואלי עמוד תודה

  • levadmin
  • 26.12.21
Read more

אפליקציית הניהול החדשה – MoMa 2.0

  • eliran
  • 14.09.21
Read more

Get more valuable content straight to your inbox

Sign up now
Subscribe to Our Newsletter
Nayax

Nayax is a global commerce enablement and payment platform designed to help merchants scale their business. Our mission is to improve our customers’ revenue potential and operational efficiency.

Menu
  • About Nayax
  • Why Nayax
  • Business Types
  • Careers
  • Become a Partner
Menu
  • About Nayax
  • Why Nayax
  • Business Types
  • Careers
  • Become a Partner
Products
  • VPOS Touch
  • Nova Market
  • Monyx Wallet
  • Weezmo
  • Management Suite
Menu
  • VPOS Touch
  • Nova Market
  • Monyx Wallet
  • Weezmo
  • Management Suite
Resources
  • News
  • Webinars
  • Investor Relations
  • Support
  • Contact
Menu
  • News
  • Webinars
  • Investor Relations
  • Support
  • Contact
Connect
  • LinkedIn
  • Facebook
  • Instagram
  • Twitter
  • YouTube
Menu
  • LinkedIn
  • Facebook
  • Instagram
  • Twitter
  • YouTube
All rights reserved © 2022
  • Privacy Policy
  • Cookie Policy
  • Terms and Conditions
Sign up to our newsletter
  • Menu
    • About Nayax
      Why Nayax
      Business Types
      Careers
  • Products
    • VPOS Touch
      Nova Market
      Monyx Wallet
      Weezmo
      Management Suite
  • Resources
    • News
      Webinars
      Investor Relations
      Support
      Contact
  • Connect
    • LinkedIn
      Facebook
      Instagram
      Twitter
      YouTube
  • Privacy Policy
  • Cookie Policy
  • Terms and Conditions
Nayax
All rights reserved © 2022
Shop Now
Want to stay ahead of the curve?
Sign up for our newsletter

¡AVISO IMPORTANTE AL PÚBLICO EN GENERAL!

NAYAX no es una empresa que promueva inversiones y/o negocios multinivel.

Le informamos que nuestro equipo ha detectado un modo operativo de estafa a través de diversas páginas de internet, tales como https://mexinvestdigital.com/ y otras, las cuales utilizan de manera ilegal el nombre y marcas de NAYAX, con el fin de ofrecer al público un esquema de negocio multinivel*en el que supuestamente se generan comisiones a través de rentas de máquinas expendedoras de productos.

Lo anterior ha sido puesto en conocimiento de las autoridades correspondientes con el objeto de ejercitar acción penal en contra de quién y/o quienes resulten responsables.

Atentamente nos permitimos recordarle que NAYAX es una empresa de tecnología financiera que ofrece un sistema operativo y una plataforma de pago integrales para muchos minoristas.