Is Google Pay Safe? | myPOS (2024)

Google Pay (now known as the Google Wallet app) is a digital wallet app created by Google.

It ranks among the most frequently used contactless payment apps in the UK, supporting both online and in-store payments made via Android devices.

However, how secure is Google Pay, and what security measures does it implement to guarantee fraud protection for Google Pay transactions?

In the following sections, we cover:

• How does Google Pay work?
• Why are so many businesses using Google Pay to receive money from customers?
• Is Google Pay safe?

And more.

How does Google Pay work?

For consumers, Google Pay is a mobile wallet that stores debit and credit card details. It enables contactless payments without manually providing your payment information at every purchase.

To use Google Pay, users must download the app and create an account. Google Pay requires that users add their payment data (the app can store multiple cards) for use in the future.

The app also provides access to a balance feature. When users receive funds, they can select whether to keep the money in the app or withdraw it to their connected bank account.

It can be used both in brick-and-mortar stores and online, as long as there is a Google Pay button at checkout.

Why do many businesses accept Google Pay payments?

If you’re still wondering whether you should use Google Pay for your business, the short answer is yes.

Most businesses in the UK and worldwide are already using this payment system as an easy, convenient, and reliable solution.

No matter whether you sell online or run a brick-and-mortar store, most purchases nowadays are performed contactless (or at least this is the preference consumers demonstrate).

When you accept Google Pay payments as a business, you can enjoy the following perks:

• Increase sales – By offering customers convenience in shopping in a secure, quick, and easy way, you ensure they have zero chances for second thoughts about a purchase. With Google Pay, consumers can pay for products or services without carrying their physical cards. All they have to do is tap their phone or smartwatch to complete a payment.
• Advanced security – As we’ll uncover in the following sections, Google Pay is a highly secure payment system offering peace of mind to both businesses and consumers.
• No fees – One of the most attractive reasons to accept Google Pay is that for businesses, there are no extra fees accumulated when receiving payments. This can allow you to collect funds without worrying about costly fees.

These are only some main reasons many businesses rely on Google Pay today.

Depending on the type of business you run, there are plenty of other advantages to explore.

6 things you should know about the safety of Google Pay

Despite the many advantages of the payment system, businesses and consumers have a pressing concern – is Google Pay safe?

In short, Google Pay does offer buyer protection thanks to multiple layers of security.

In the next sections, we will explore the safety elements of Google Pay to understand these mechanisms better.

Google Pay hides the payment details

One of Google Pay’s biggest security advantages for businesses and users is that it keeps data safe, preventing payment fraud.

This is possible because Google Pay stores payment card information on your device digitally. This helps keep your Google Wallet safe and enables quick access to your money via the selected payment method without entering card details every time you shop.

When paying with credit or debit cards, the shopper’s payment information or card details are sent to the merchant (or the business providing the products or services). If the business’s security systems are not reliable enough, hackers can gain access to sensitive data, exposing the consumer to vulnerabilities.

On the other hand, Google Pay encrypts this information. When making purchases using this payment system, the payment information is protected, and the actual card number isn’t revealed. Instead, Google Pay shares a virtual account number (also known as a virtual card number), making payments much safer.

Google Pay doesn’t broadcast the transactions

To work, Google Pay utilises NFC-activated payment terminals (when it comes to in-store payments).

This approach is much safer than the traditional Wi-Fi method, as the information is broadcast only within 4cm.

This mission becomes impossible for hackers planning to interfere with the signal. In the worst-case scenario, the interference would be possible if they were in very close proximity to the zone where the payment is being conducted.

However, in this case, the individual will instantly be spotted, preventing the act from being successfully completed.

Google Pay is protected by the phone

In addition, extra security mechanisms are part of your device’s protection system that helps protect Google Pay.

For example, these include face ID and lock your phone mechanisms.

When a user intends to use Google Pay through the app or the lock screen, they’ll be required to provide a passcode to unlock the device. The screen lock can usually be unlocked through a pattern, a password, a PIN, a fingerprint, an iris scan, and even a 3D face scan.

Even if your phone is stolen or lost, you can enjoy peace of mind knowing that others can’t access the data stored within your Google Pay account.

Relying on biometric identification, one of the most secure methods is recommended to keep your Google Wallet safe.

It’s worth noting that having an enabled screen lock on your phone is necessary if you want to use Google Pay. If it is deactivated, Google will automatically remove the provided card details from your Google Wallet for safety reasons.

Google Pay alerts when there is suspicious activity

Google Pay relies on machine learning to detect potential fraud and notify users if suspicious activity is taking place.

For example, “suspicious activity” could include:

• Making payments to a recipient that is not part of your contact list;
• Trying to access specific content within the Google Pay account;
• Trying to add a new card to your Google Wallet (this prevents the risk of stolen cards being added to your account.

If some of the following occur, Google Pay will inform the user via text, phone, or the banking app or website.

Google Pay can be deleted remotely

There are no guarantees against lost or stolen phones. After all, in the dynamic world that we live in, these scenarios remain a possibility.

However, some security features Google Pay provides include the ability to instantly delete stored data in such cases.

This is possible because Google Pay is linked to your Google account. You can access it via the Find My Device features. It allows you to eliminate all stored information on the app without having physical access to your device.

Google Pay enables users to opt out of Data Sharing

While data sharing can be helpful on some occasions, it can also be significantly dangerous from a data theft perspective.

Although some users deliberately avoid Google solutions because of privacy concerns, Google Pay provides advanced levels of privacy, especially when compared to other competitors.

Users can log into their Google accounts and manage their privacy settings. For example, one of the options they have is to choose not to share their transaction history with advertisers.

Other payment systems share this sensitive information on all accounts without allowing users to have control of the process.

Conclusion

Overall, Google Pay is considered a safe and secure payment system. It relies on various advanced security features that help protect sensitive information and prevent data theft or other malicious behaviour.

With its promising nature, it’s expected that more and more businesses and consumers will prefer Google Pay for contactless payments in the future.

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