The Best Mobile Payment Systems
Apple Pay is the highest rated peer-to-peer (P2P) payment system in terms of payment authentication for fraud prevention and data privacy, according to Consumer Reports’ first ranking of mobile payment systems.
CR rated Apple Pay, Square’s Cash App, Facebook P2P Payments on Messenger, Venmo, and Zelle App based on payment authentication security, data security, data privacy, customer support, and broad accessibility.
Apple Pay came out on top with its highest security scores. It restricts the information it collects and transmits to users, it does not store credit or debit card numbers, and it does not sell personal information to third parties.
Zelle , a new payment system used by many major banks and credit unions, ranked the lowest of the five methods, but overall it was rated “good”. According to CR, the Zelle app “lacks features to keep you from accidentally sending money to the wrong person. This can happen if you dial the wrong phone number. ” Zelle told CR that senders would soon need to confirm recipients before sending them money.
But it’s not just at Zelle that people send money to the wrong person – it happens in all apps. Here’s what CR advises to minimize this risk as well as fraud:
- Take a few seconds to select a higher security level : all apps except Apple Pay require you to choose stricter security settings, such as a private channel or adding a PIN.
- Only send money to people you know : scammers know that P2P systems send funds instantly, and there are no laws to reverse payments if they are fraudulent. Be careful.
- Get all the details right : On the same note, make sure you have the correct username or phone number for the person you are sending money to.
- Update your apps: Old software makes you vulnerable to hackers and other security breaches. So turn on auto-updates.
Why Apple Pay Is The Most Popular P2P Mobile Payment Service | Consumer reports