Yes, it is safe to use a digital wallet, here are some of the specific security features of the different digital wallets available;
A unique Device Account Number is securely stored on a chip in the device so payment can be made without any card information having to be shared with the retailer. Other features which help to keep your payments secure and safe include:
- iPhone and iPad: Payments can only be authorized by using Touch ID (if it is enabled), or by entering the device passcode.
- Apple Watch: Payments can only be authorized if the device passcode has been entered and skin contact with the device has not been lost. If the device has been removed from your wrist, Wrist Detect deactivates the NFC feature and Apple Pay. To re-activate the NFC feature and Apple Pay the device passcode has to be entered again.
Please note: You should never share your device passcode, or register more than one person’s fingerprint to Touch ID, while your card is registered to Apple Pay.
Samsung Pay uses Tokenization, a Secure Environment, and Samsung KNOX to secure your payment information. Additionally, you verify either using your fingerprint, Iris Scanner (Galaxy S8 and Galaxy S8+ devices only) or a 4 digit PIN when making purchases. Read more about Samsung Pay security features.
With Google Pay your physical card number is not stored on your phone. Just like a contactless transaction with your P&N Bank Visa card, Google Pay will not work for purchases over $100 unless you enter your PIN at the terminal.
Visa’s Zero Liability policy
All credit purchases made with your P&N Bank Visa card through a digital wallet are covered by Visa’s Zero Liability policy*. This means you won’t be held liable for fraudulent charges or unauthorised purchases made with your card or account information. So you can use your card to shop with total confidence, as you will always be protected against unauthorised use.
* Visa’s Zero Liability policy covers Australian and New Zealand-issued cards and does not apply to ATM transactions, transactions not processed by Visa or certain commercial card transactions.