3 Tips for Using P2P Applications to Increase Payment Security

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This 21st century era is not only the period of modern technology, but it is also the time of connectivity. We are all connected in one or more ways. Whether it be chatting online, transferring files from one mobile device to another via Bluetooth, or playing a mobile game together, this 21st century is undoubtedly the era of connectivity. Where modern technology is concerned, we are far ahead in tech then we have ever been in the past. Headphones have become wireless and even our console's controllers can be utilized without any wires attached.

The greatest technological advancement is of course the latest mobile phone devices. In the 1990s, smartphones were primarily used to make phone calls from one place to another, or to SMS another person. The only entertainment value they had were basic games such as Snake. But now smartphones have as much capability as the latest laptops or PCs. Sure, you can call from one area to another like old times, but now you have internet connectivity, Bluetooth, a music and video player, etc. However, the most desirable feature of mobile phones are apps.

Why are apps so important and how have they become so popular? It's simple. They have made life much easier. In the 20th century, you had to physically visit your local bank to check your bank balance or make a deposit. But now, thanks to banking apps, you can do all this and more from the comfort of your home and from the tips of your fingers. Similarly, there are apps available which count the number of steps you take in a day, and there are even apps which can check your blood pressure.

One of the greatest concerns of our everyday life is financial security. Although, banks do solve this problem to an extent, we could make common mistakes, like forget our wallet when we go out to eat, or lose it while we are on our way to work. Here is where P2P apps come into play. P2P (Peer-to-Peer) apps help one user or organization transfer data to another person or company. They have become extremely popular in the recent years.

Mobile wallets have become highly fashionable to use. In the United Arab Emirates (UAE), majority of the smartphone users comprise of the youth. So, with a rising population of youngsters in the region it is no surprise that mobile payment apps are being utilized more and more on a daily basis. Therefore, if you are a company that is willing to invest in mobile wallets, you should keep some factors in mind before deciding to go the application route.

3 Tips for Using P2P Applications to Increase Payment Security

  • Only download and install apps that you trust: In order for safe P2P transactions, it is essential that you only download and install mobile payment apps which are legitimate. This is because if you download an illegitimate app you will risk losing your money to cash fraud. Well-known mobile payment apps in the UAE include Apple Pay, and Google Pay.
  • Opt for apps which offer secure access and also remember to keep your mobile phone secure: Not all mobile payment apps come with password protection but it is essential you download and install the ones that do come with this feature. Remember to update your mobile phone's own security as well. A major problem related to text passwords is that stealers can look over your shoulder and see you inputting your pass-code. Fingerprint recognition is better than textual password protection so you should opt to install the former.
  • Do not send or receive money from unknown persons or organizations: Just like you shouldn't install unknown apps, you shouldn't conduct financial transactions with people or businesses you aren't aware of. One main reason for this is that these anonymous entities are likely to be scammers.

How Can Companies Make Their Mobile Wallets Better?

  • Make it a rewarding process: It is not easy for a mobile app company to change users' preferences for credit cards or debit cards when they go out shopping, dining, etc. Instead of businesses trying to add swifter exchanges of money, it is better to give rewards instead. These rewards could be points for using the app on a regular basis—or simply getting deals such as coupons in selected stores. If you are just aiming for your users to utilize apps in terms of faster speed of transaction, then they would be hesitant to switch to mobile payment apps when they could simply use their credit or debit cards to make payments.
  • A budgeting tool: Unlike credit cards and debit cards, mobile apps have the exclusive function of showcasing how much the user spends in a month. This will allow your client to check not only their monthly expenditure but also to verify what all that money is being spent on. The best aspect about this feature is that it can be accessed on the go or from the comfort of your users' abodes. It also allows for them to make a budget with ease instead of checking out their various bank accounts.

If you are a credit card or debit card user, or are just tired of carrying cash around you all the time, then installing a mobile payment app might be worth your while. But remember that security should be foremost in your mind when opting to use a P2P application. Luckily, we have listed tips relating to mobile payment security below.

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