Is new payment technology safe?

We use credit and debit cards all the time, but now we’re seeing new advanced ways to pay at the counter without cash, like Apple Pay. But are these methods really safe compared to good old paper money?

The companies behind the technology certainly say yes. Opinions from tech experts vary.

Consider within the last year the major data breaches at Home Depot, Target, K-Mart, and most recently the United States Postal Service, you may be leery to swipe that card.

The reality is this, the tougher the fire walls and security companies put in place, there’s always a hacker out there working to break it. The chances of you actually becoming a victim are slim.

“I believe it’s still safe to use the debit and credit cards,” said Chloe Deweese of Connecting Point. “Personally, I like using the credit card instead of the debit card. From what I’ve heard it’s much easier to work with a credit card company to resolve any unauthorized charges. The credit card companies are trying to make it safer and safer for people to use credit and debit cards all the time.”

The growing technology is in near field communication or NFC. Companies claim it is the future of paying at stores.

Earlier this year, Apple unveiled Apple Pay, a mobile payment and digital wallet service that lets users make payments using their smartphone or smartpad. A user loads their credit card information into the phone and then swipes it at a kiosk at participating stores.

Apple is confident in the security measures in place to protect consumers and Deweese says instant deductions from your accounts are a good thing.

“Whereas in the past, the credit and debit charges have happened in batches. Today with Google Wallet and the NFC payment kind of devices, those payments are happening in real time. They’re verified through the internet, through a secure, encrypted connection and those transactions happen in real time, so it makes it a really secure  transaction,” said Deweese.

If you would like to learn more about NFC click here and here.

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