What Are Mobile Payment Apps?

Mobile payment apps enable contactless payments by waving a smart device at a payment terminal. This can be faster and touchless versus pulling out a debit card or credit card and then inserting it into a reader.

Are Mobile Payments Safe?

Usually, mobile payment apps are safe compared to other payment methods. Most of that safety comes down to the tokenization mentioned in the previous section.

What are the pros and cons of mobile payment apps?

The pros of mobile payment apps include their convenience, security, and speed of payment processing. Cons include that they aren’t yet accepted everywhere and are sometimes used by scam artists.

Does card fraud happen on payment apps?

There have been some instances of card fraud on payment apps, like when scam artists use flaws in the app’s design to extract money from victims. However, thanks to features like tokenization (encryption of your personal financial information), most payment apps make fraud much more difficult.

Are payment apps stealing my information?

Some payment apps might use your information in certain ways, like capitalizing on it to market products or selling it to advertisers. However, these details are often laid out in the app’s policy documents.

Holiday Credit Card

Are Mobile Payment Apps Safe?

https://www.sofi.com/learn/content/mobile-payment-apps-safe/

Mobile payment apps are certainly convenient, and, when compared to other payment methods, they are quite safe. They allow you to make payments with devices like smartphones and smartwatches, and can be even faster than using a debit or credit card.That said, you should know a few details before deciding to use a payment app […]

What Is an Underpayment Penalty?

https://www.sofi.com/learn/content/underpayment-penalty/

Taxpayers can incur an underpayment penalty from the Internal Revenue Service (IRS) if they don’t pay enough in taxes in a given year. Because federal taxes operate as a pay-as-you-go system, taxpayers must keep up with what they owe Uncle Sam. You may not think about paying your taxes as you go because you have […]

What Is Values-Based Budgeting?

https://www.sofi.com/learn/content/values-based-budgeting-explained/

Values-based budgeting involves managing your money mindfully and allocating it toward the things that matter most to you. For some people, that might mean keeping sustainability in mind when designing their budget. For another, it might translate into earning and spending with the goal of securing their loved ones’ future. Values-based budgeting can have you […]

How to Stop Online Shopping

https://www.sofi.com/learn/content/how-to-stop-online-shopping/

Since it’s so easy to do and omnipresent, online shopping can sometimes lead to debt. If this is the case for you, there are steps you can take to rein in your digital purchases, such as identifying triggers, deleting your card info from apps and websites, and trying other strategies. Online shopping can give you […]

Guide to What Percentage of Income to Save

https://www.sofi.com/learn/content/percentage-of-income-to-save/

If you want to build financial security and hit your long-term savings goals, it’s probably a wise move to put a portion of each paycheck into a savings account.Week by week, month by month, and year by year, the money will grow and help you afford your dreams, whether that means buying a house, funding […]

“Holiday Credit Card”

Are Mobile Payment Apps Safe?

What Is an Underpayment Penalty?

What Is Values-Based Budgeting?

How to Stop Online Shopping

Guide to What Percentage of Income to Save

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