Gone are the days when you needed cash to pay the bills.
Welcome to a new era in money management, where you don’t have to dig deep into your pocket for coins and notes or head to the closest ATM. Instead, the digital wallet in your smartphone pays the bill.
It is easy to use your phone as a digital wallet by carrying your credit and debit card information in a secure digital form in an app on the mobile device. When it comes time to pay in a store, you simply open the app,
log in with your password and hold your phone to the symbol on the terminal.
But how do you handle those times when you are dining with a large group of friends at a restaurant? Many restaurants will not split the bill on a table and leave the payment details for guests to work out between themselves. How do you share the cost without hard cash in your hands?
Simply use PayID, a New Payments Platform developed and offered by many Australian banks (including RACQ Bank), building societies and credit unions. PayID will help you transfer money instantly. Check with your financial institution to see if they offer PayID.
Forget fiddling around with codes and lengthy bank account numbers to transfer payments – you can also use an app, such as PayPal or Beem It for a fast and convenient result. These simple phone apps are designed to make cost exchanges between friends and family easy. Transactions are protected by a PIN or password, which adds protection if your phone is lost or stolen.
All you need is your friend’s mobile number or an email address. With just a few taps you can send money, which appears as a text message on their phone. When they accept the money, it is added to their balance to spend or save. The system works best when the people you are transferring money to are signed up to the same payment service you are using.
Staying safe with payment apps
It is always important to be smart in the online world and these tips will help keep you safe.
- Always use a password on your phone.
- Keep your information private – don’t share bank details.
- Check if incoming messages come from a trusted number.
- Download any app with care by checking the source, developer and read user reviews.