As technology becomes more and more advanced and a heavy presence in people’s lives many are becoming worried about what this means for privacy and security. Smart phones enable people to connect with their bank accounts and secure details at the touch of a button, but this also means that these details are readily available for others to view. With this in mind the Square iPhone app is causing concern as it allows instant payments to be made.
New technology is always accompanied by new fear for privacy and security. As it becomes easier to access financial details the worry is always that this information will get into the wrong hands. This issue is dealt with by a payment limit being put in place. Users can only make limited payments with this equipment, to prevent extensive fraudulent activity.
This is ideal for people who are going out to buy a quick cup of coffee or are on the phone while they pay. No interaction is required so the person paying can simply swipe their card and the payment will be made. As technology advances people are looking for things to be quick and easy. The smart phone is an ideal piece of equipment for this.
There are several security measures in place that protect the user from fraud and theft. These are controlled by both the bank and the app creators. One of the key controls is a spending limit. This means that even if the phone is stolen and used for payments only a small amount will be able to be paid, so the theft will be limited.
Unfortunately, as the app is relatively new it can not be used everywhere. Some companies do not have the equipment to accept this type of payment. As a result of this people should always ensure that they have their primary payment method available.
Due to the success of this app creators are working towards similar ones that are suitable for other phones, such as android systems. As the technology is advanced the security risks will be worked on and become less. While it is currently not available everywhere, once the risks are lessened it is likely to become even more popular.
The Square iPhone app has revolutionized payment methods and is likely to be the start of an entirely different method of paying for things. Currently there may be a generation gap between users of smart phones, but as technology advances this gap is shrinking. In the near future it is quite likely that everyone will have one.
You can find a detailed summary of the pros and cons of using the Square iPhone application at http://swipecardmachines.com/category/square-iphone/ right now.