Millennials Fuel Increasing Usage of Mobile Payment Systems

[Megalith]

It sounds like using your smartphone to make purchases is taking off. Sadly, my Note 3 doesn’t support Android Pay (the only mobile payment method I care to use), so I haven’t been able to impress anyone at the registers yet. For those of you who have foregone physical credit cards and adopted a mobile wallet, are you actually getting through checkout quicker?

…mobile payment services are seeing a rise in usage. Scott Blum, VP at Total Merchant Services, gives credit to the millennials for this. Making up one quarter of the U.S. population, Blum predicts that this generation will lead the way as credit cards become obsolete, replaced by the mobile wallet.As typically occurs with new technology, there are those who would prefer to use the old methods. According to the 2016 North American Consumer Digital Payments Survey conducted by Accenture, "…consumers are still relying largely on traditional payments methods despite the availability of reliable digital payments providers." The same report noted that 56% of consumers are aware that they can make payments using their smartphone.

 

[Grimlaking]

Yes I am.. I use samsung pay with my watch. And the card's I have in it are all the "chip" cards.

Chip cards easily add time.. when I just press a button on my watch then hit pay and hold it to the reader.. boom done. So much easier and fully tokenized.

So more secure.

 

[the_servicer]

What about millennials who do not and never will own a smartphone?
Edit:

Consumers thinking "If it ain't broke, don't fix it," will need a specific reason to use a digital wallet.

Ain't that the truth.

 

[NickJames]

I use Samsung pay, it works with any magnetic swipe terminal so it's much more convenient since most NFC terminals seem to not work or have it disabled.

 

[[21CW]killerofall]

Why would I use a digital wallet? They aren't accepted everywhere normal credit cards are used and it takes like 2 extra seconds to use a regular wallet. I think I can spare the 2 seconds.

I use Samsung pay, it works with any magnetic swipe terminal so it's much more convenient since most NFC terminals seem to not work or have it disabled.

The only way it could work with ANY magnetic swipe terminal is if it had a magnetic strip, which would just be easier to use a regular credit card. Some small shops have real old swipe machines that don't read anything other than a credit card.

 

[NickJames]

Why would I use a digital wallet? They aren't accepted everywhere normal credit cards are used and it takes like 2 extra seconds to use a regular wallet. I think I can spare the 2 seconds.

The only way it could work with ANY magnetic swipe terminal is if it had a magnetic strip, which would just be easier to use a regular credit card. Some small shops have real old swipe machines that don't read anything other than a credit card.

The Samsung phones utilize Magnetic Secure Transmission, a proprietary technology developed by Looppay which was purchased by Samsung. It literally works on any magnetic swipe terminal. I have used it on 20 year old terminals with the swipe built into the keyboard and it still works.

 

[SvenBent]

Way to go no we are only maybe 5 years behind 1st world countries.
But wait... Why are we even using terminals for phone payments? Again we are doing it in an obsolete way when we are trying to catch up. *sigh*

 

[Loose Nut]

I'm not worried what Millennials do, as they are to busy taking pictures of themselves and posting them to Facebook.
As long as they feed me and change my diaper (in a few years) they can do whatever, and pay with whatever they want.

 

[KarsusTG]

I refuse to use these services. RFID chips are still popular too but it's extremely popular for thieves to just walk through crowded area's scanning cards with rfid in Europe and many other places. All these technologies are just BEGGING to be taking advantage of.

 

[bluesynk]

Ive used samsung pay a few times, but I use the paypal app much more. I can only use it at Home Depot, autozone, and Dollar general. but I run a ebay store so its very useful for me

 

[Deleted whining member 223597]

I never know if it's accepted or not, so I might as well just use my card. I would be open to using it, but I don't want to be asking every time "do you accept Apple/Samsung Pay".

 

[Raekwon]

I use Samsung Pay whenever possible. It generally works in place of swiping a card, however some places are hit or miss. I hate when it works most of the time and then doesn't work (same store same type of reader) makes me feel like an idiot in line.

 

[Budzman]

Millennials are worthless shits.

 

[halo000008]

I use android pay only because of how much faster it is compared to using the chip reader.

 

[chenw]

In Taiwan we already have standalone digital wallet systems in several implementations:

1. We have credit cards that, like Samsung Pay, you just "tap" the card on the reader, and it's done. For convenience, any purchases made under $30 (which is quite a fair bit in Taiwan) no longer requires signatures.

2. We have cash cards that act as isolated digital wallets that you "top-up" to use, and any would be thieves would only ever have access to those funds in the card, never more. No financial details are ever stored on the card either. You don't even have to register it.

3. We have hybrid Credit/cash cards (this is the version I don't use), where the "cash card" portion is always automatically topped up via credit card when it runs low on credit, some public transports (like Hi-speed railway) only access cash cards with attached credit cards. This is, IMHO, the most dangerous version.

I don't have any credit cards that can 'tap', but if I did, it would appear on the card with the lowest credit limit. I wouldn't have high credit limit cards be able to be 'tapped'.

We are only starting to get Samsung pay now, but personally, I wouldn't use it. I don't really trust SS to keep the details safe (they are not, AFAIK, in the financial sector outside of Korea, if at all).

That being said, I have never heard of cash card credit being stolen in the way that is described in the posts, not one.

 

[steakman1971]

I use Apple Pay. For places that accept it, it's nice. I guess it's a little faster than using the chip cards, but never really timed it.
What is annoying are the places that don't accept NFC payments yet. My favorite is Walmart - they have a QR code based system - just no!

 

[Dekoth-E-]

Chances of me ever using a digital wallet or any instant pay tap the card system - ZERO.

 

[JosiahBradley]

I love having luddites in Tech forum threads, go back to your 8086s old farts. I hate being called a millennial, but if it means I'm magically more intelligent and can work those new fangled mice, see Dvorak, then go me. Posted via cellphone! I even paid my hard membership from a cellphone.

 

[Rev Lemmon]

As stated in a previous thread I have no interest in smart phones or the bills that come with them. Happy with just getting a card out of my pocket.

 

[Riptide_NVN]

The time it takes to pony up a credit card is a non issue.

Now, being behind some elderly person in the express line who waits for the total and THEN pulls out the check book... Maybe another story.

 

[cyclone3d]

Way to go no we are only maybe 5 years behind 1st world countries.
But wait... Why are we even using terminals for phone payments? Again we are doing it in an obsolete way when we are trying to catch up. *sigh*

Well, I use the MAPCO app for mobile pay when at the MAPCO gas station. No terminal whatsoever. I get an extra 2c off per gallon for doing it that way. The only downside is that it is slightly slower than just using my card.

 

[cyclone3d]

I use android pay only because of how much faster it is compared to using the chip reader.

I don't understand this. It literally takes about 2-3 seconds for a chip reader to process.

Maybe you are just somewhere where the system is horribly slow.

 

[Wrecked Em]

I don't understand this. It literally takes about 2-3 seconds for a chip reader to process.

Maybe you are just somewhere where the system is horribly slow.

Chip readers take more like 7-8 sec, as opposed to Google wallet, which takes about 3.

Why anyone would be afraid of this completely baffles me. It puts a complete extra layer of protection on your existing credit card. Lose your credit card, and anyone who has it can go to town, especially since nobody checks sigs anymore. Lose your phone, and they'll need your pin or print to buy something.

 

[SvenBent]

Well, I use the MAPCO app for mobile pay when at the MAPCO gas station. No terminal whatsoever. I get an extra 2c off per gallon for doing it that way. The only downside is that it is slightly slower than just using my card.

How does it work at brookshire? Chili's ?

I don't want 17 different apps to pay with. One app. one payment system that works without special expensive terminals, beside a recipient phone (ok maybe some specific terminals/systems for bigger warehouses) just like its has been done for years in 1st world countries.
It also helps new starters to be able to receive money in a cheap way because you don't have to pay for a terminal to have a basic functional electronic payment system.

Everytime i cross the oceans im marveled and sadened by the starkt constrat between the states and moderne societies when it comes to fast efficient IT intergration. it is rally hard to consider the states a first would country. when we haven't even kept op to how fast efficient things where done back in the 80's
Some countries you cant even pay with checks anymore because it so outdated and obsolete. yet i had to leave my house with a void check to set up automatic payments with my water company, something i never had to do living in a modern country
I still get physical papers from the US government/feds. That is something that has not been done since the end of the 90's or just after y2k in modern countries. You have a freaking online "mail box" with all your gorvernmental papers in it and you fill it out online.

 

[Budzman]

I love having luddites in Tech forum threads, go back to your 8086s old farts. I hate being called a millennial, but if it means I'm magically more intelligent and can work those new fangled mice, see Dvorak, then go me. Posted via cellphone! I even paid my hard membership from a cellphone.

Aren't you fucking special.

 

[tetris42]

Millennials are worthless shits.

Kill 'em all

 

[WhoBeDaPlaya]

I was ashamed to discover that I technically am a millenial.
Just made the cutoff too

 

[Budzman]

BTW motherfuckers who still write a check need to be killed on site.

 

[JosiahBradley]

BTW motherfuckers who still write a check need to be killed on site.

You can't play both sides, is it new tech run by as you call them "worthless shits" or advancement in tech. Checks predate charge card and the same people said oh why not just write a check that now think millennials are dumb for using phones which are FASTER than pin and chip and swipe. Make up your mind!

 

[JosiahBradley]

I don't understand this. It literally takes about 2-3 seconds for a chip reader to process.

Maybe you are just somewhere where the system is horribly slow.

Everywhere I go the chip takes up to 30 seconds making the phone nearly instant.

 

[WhoBeDaPlaya]

It's a proven fact that millennials a worthless shits.

Born in '81 and sure as shit don't feel like a millenial, whatever the f*ck that is.

 

[Sycraft]

The time it takes to pony up a credit card is a non issue.

Now, being behind some elderly person in the express line who waits for the total and THEN pulls out the check book... Maybe another story.

The reason to use it isn't so much the speed, but the security. While chips fixed the most egregious security problems of cards, they still have some that a phone based system helps resolve.

A big one is moving the two factor to a device you control, or in the US adding two factor. The chip + PIN systems you see in many places are better than chip + sig but the problem is that the PIN gets entered in to the terminal the merchant controls. If they compromise the terminal to record it, they get your PIN. with a phone the 2-factor is on the phone. It needs either a PIN, or fingerprint to unlock and be usable, meaning that the terminal can't capture it. This also means that if the phone is stolen, it can't be used for payment without getting the 2-factor auth and that has to be captured manually, since it is only ever on the phone. Another is that it logs and shows you the amount of the charge. Again a merchant can compromise a terminal and make it show you one amount, but charge you another (this fraud is getting more common in Eastern Europe) and then claim you agreed to pay the larger amount and are lying about the display. With your phone, you can immediately see it is wrong and dispute it right then. Also the phone communicates transactions back to the bank and lets them know they have happened. There is slack built in the system, so it can work if it can't find a cell signal but as soon as it can it communicates transactions. If what the phone says and what a terminal says don't match, the bank can shut it down.

Security aside, the other reason would be convenience. If it ever becomes ubiquitous, you wouldn't need to carry cards with you. Even now it can let you cut down on the cards. I got a thinner wallet and leave my debit card out, because I can use my phone at my bank's ATMs in place of a debit card. But really security is the most major improvement. Properly implemented phone-based contactless payment makes it near impossible for your shit to get compromised, and if it does (in a case where the terminal itself is compromised and overcharges you), it can be discovered and dealt with in minutes.

 

[endalykt]

FUCK YOU BITCH

PPPPPRRRRFFFFFFFFTT!!!!

 

[Ripskin]

Well this thread wont last long...

I don't use pay by phone or any of those services yet, until I upgrade my phone to something better suited for it. My S4 is still going strong but wont last forever, when I replace it I look forward to the digital wallet which hopefully will have more bugs worked out by then though it looks pretty decent already.

All systems are insecure. Monitor your accounts and report screwy things asap, beyond that good luck with any service. Chips were compromised years before the US began forcing adoption at major retailers so meh. Some malware on your phone and yipee...

 

[Smoeki]

I was ashamed to discover that I technically am a millenial.
Just made the cutoff too

It's ok, we have the option to draft people into GenX that are close to the cutoff . I don't really go by age so much as by the generation your parents where from during that time and depending on where you grew up.

Back on topic I still don't see the point of the mobile NFC payments yet. I'm always carrying my wallet anyway along with some cash. It's true chips suck, mag stripe was faster, however there is a big difference between stores depending on what kind of network they are on. I've seen 3 to 4 seconds to 20-30 seconds, although the longer one was in Europe lol, those slow pokes... /s

Anyway I can't use the mobile payments even if I wanted to now, Google and the other tards don't like root and I'm not going to lose control of my devices to use some gimmick.