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Have your payment methods evolved with technology?

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All my credit cards and banking information on a smartphone?

There is an old adage about putting all of one's eggs in one basket. I fear that it is a recipe for disaster. If everything can be hacked, so can your phone and all of it's information.

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smart phone not smart enough to stop a hack

at least once a week I get a spam from family or friends whose smart phone has been hacked so I would never use my phone for business transactions. better safe than very sorry!

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Re: stevevic57

I completely agree!

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Noting better than cash in my wallet than credit cards. I use one of my debit cards most of the time.

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not a good idea to carry large amounts of CASH of you are robbed you out.
Debit or Credit cards can be stopped and anything put on your card will not be charged to you, and they will send you a new card.

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depends on where

if its online - paypal if they are set up for it, otherwise visa.

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which payment method do you prefuer?

Debit card because

1) if you don't have the money in your account you can't spend the money you don't have.
2) low or no fees (the store you use your card pays the usage fees)
3) works just like a credit card
4) excepted almost everywhere
5) you pay a service charge when withdrawing CASH from ATM's

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Re: mike53_1999

That sounds like a safe bet!

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It depends

I guess I like Apple Pay because it's convenient; however, it doesn't work everywhere. It'll be interesting once Samsung Pay roles out this summer, from what I've read/heard the new S6 phones have a built in antenna that would work with any card reader that has a magnetic strip.

I do avoid using debit cards, checks, or even credit cards. Using Apple Pay, and similar technologies, seems to add a layer of security to ones account; after all, the financial info only exists on the device and it's not stored in the cloud.

I'm not saying I fully support such technologies though; in fact, I have an Amex Serve card that I prefer to use. I know Amex isn't accepted everywhere; but it is more accepted then Apple Pay. It's also a pre-paid credit card, so I don't have to worry so much if the number gets compromised or even if the account gets hijacked.

For online transactions; I'm with what tedtks said - PayPal is the preferred method.

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Eggs in one basket? All on electronic device?

It is scary enough these days that some one with the proper device can walk by and gather all your cards info without putting all on a device that can be hacked from anywhere in the world.

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Cash as much as possible for me

Big banks control us much more than you realize. Why give those greedy scumbuckets any more money and power over us. Over 40% of all bank assets are concentrated in FIVE banks. In 1929, the top five banks had about 12% of all bank assets. WHEN the next big crunch hit (not if, but WHEN), yes, just remember. They are too big too fail. The big banks keep all the big profits, but the risks are to American people. We need bank regulation NOW. See Nomo Prins book "All the Presidents' Bankers" for excellent background information on this true danger. This well written and well researched books shows the true peril that faces us. Between the concentration of money in the top five banks in addition to very little regulation, Great Depression II will be far worse the the first one.

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Do I need to be "bleeding edge" on everything?


There is a lot we have learned about security surrounding cards. Not that we have got it perfected yet, but the risks are well understood. And by and large it seems that banks/card issuers and vendors are pulling with us, the consumers, in the battle to keep our money on the straight and narrow. And now that the magstripe is beginning to lose ground against the chip and card terminals will come to where you can see them and your card doesn't leave your sight, I think it is getting to where one can risk it. It may help that in most cases the banks/card issuers carry the bulk of the risk. It can also help that as a consumer you can use a service like PayPal to keep your card details off the internet for most transactions.

Now, there is a push to put payment capabilities on to all kinds of other gadgets - notably my phone. Why? What is the benefit? To me, I mean. I have already resigned myself to the fact that whatever goes on on my phone is fair game to all and sundry, even if I do stay away from Facebook, Google's additional services and then some. Do they need to also be in on every penny I spend? Even if they won't clear out my accounts, it is none of their business.

And - don't tell anyone - I am rather easy with the security of my phone, and I can afford to, I believe. I keep backups of my data and my exposure of theft and destruction is limited to the device itself, a portion of my services bundle (until I get the theft reported) and a pile of photos and personal notes - and a pile of other peoples' phone numbers. So what!

If I had lists of my bank accounts and cards, possibly even with information about how much each of them is good for, that would be worth protecting. And I do, actually - by not keeping it on the phone. That simple. This is not just about "all eggs in one basket" it is also about keeping the eggs away from the most endangered basket. And if you don't have the phone with the payment system anymore, what are you going to use to buy the replacement phone? See?!?!

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Have my payment methods evolved with technology?

Yes and I rely on PayPal and if not available on Credit/Debit Card. But my preference is for PayPal as it hides your ID and your Cards or bank account details from the privy eyes of the seller and offers a 100% not satisfied or not delivered (which can happen on websales) reimbursement guarantee. John.

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debit card for just about everything.

did use softcard until it was closed down by google so now no tap and pay since my phone is not compatible with google wallet. My next phone will be the note 5 (only if it has a microsd card slot) so hopefully I can go back to tap and pay either with google wallet or samsung wallet. I very seldom carry cash and write only one check a month for rent since it is the only bill I cannot pay online. So I guess you can say my payment methods does evolve as technology changes.

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It's probably not for everyone but that is why we have choices. For me I use ApplePay every chance I get. It's so darn easy to use and I like the security. I still use PayPal for some online purchases and am happy with that. Three time in the recent past I have had credit and debit cards compromised. One of them, Home Depot, I rarely use.
I just feel this is the way to go until the next technology arrives.

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Digital Payments have also some loop holes

As payment methods are evolving day by day with new technology hackers or skimmers are also find some tricks to hack or skim your payment details.

Even if latest mobiles and banking cards are come with NFC [Near Field Communication] but it not means that skimmers can't get your credit or debit card data.

Apple pay may be best Idea to save your online payment details from Identity theft.
Banks and other digital security companies should think on this to stop hacking.

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