Gadgetory

in the years since applepay launched in the United States more companies have come out with their own mobile payment systems including Apple rival Samsung the low sensing paperwork almost all mac stripe card readers as well as NFC and barcode readers but for as much as we use our smart phones few people are using them to pay according to analysts from eight group mobile payments account for only one percent of all retail transactions in the US while they promise a more convenient way to pay there are still some major inconveniences mobile payment systems only work with certain credit cards require the latest smartphones and retailers need to have the right payment terminals for example Apple and Android pay require terminals with a technology called near-field communication or NFC only 27% of stores have updated their terminals to accept NFC payments even though samsung pay works at almost all retailers from high-end boutiques through to food stores right now you need a high-end Samsung handset and it's only compatible with three major banks as with any financial transaction there are security concerns its new and if you look at the technology underneath mobile payments it actually has the potential to be more secure than a traditional credit card transaction that's because your actual credit card number is never transmitted instead a one-time number is used in a process called tokenization all of that information that is so important to safeguard suddenly becomes a lesser issue when a mobile payment is involved Clyde recommends a credit card instead of a debit card as your underlying payment method using additional protections like pins and fingerprints and having unique passwords for financial accounts for more information on using mobile payments go to cnet.com in San Francisco Lexus Avedis cnet.com for CBS News