Customers of PNC, U.S. Bank; more banks soon to enjoy as Android Pay rolls out

Customers of PNC, U.S. Bank; more banks soon to enjoy as Android Pay rolls out
Share it:


Android pay could be the best thing ever to come into android. Two Cleveland-area banks are among a handful nationwide that are offering Android Pay -- the new payment method that can protect your credit and debit cards from data breaches.
PNC and U.S. Bank are rolling this out to customers who have Android phones. This comes a year after Apply Pay was launched. Now, people with Android phones can use this new technology.


"Customers have been anxious to know when it was going to become available," said Tom Trebilcock, vice president of digital, leading mobile & emerging payments at PNC.

In time, Android Pay will be widely available among all major banks. Here's what you need to know now:


What is Android Pay?

It's a free new service from Google that allows you to use your Android phone to pay for purchases at the point of sale, using encrypted information on your phone to pay with your credit or debit card. It works very similarly to Apple Pay, which rolled out for newer iPhones and other new Apple products a year ago. By the end of the year, Google is expected to provide Android Pay to all devices that run Android 4.4 or higher.
"You could have a device that's three years old and it will work with Android Pay," said Trebilcock.

How does it work?
Using the Android Pay app on your phone, you can register your individual or small-business credit or debit card (or more than one card) to make payments at merchants that accept Android Pay. You don't have to have the card with you to make a payment with it -- as long as the merchant accepts Android Pay. Here's what's stored on your phone: a digital token, which is an encrypted digital representation of your account number.

What banks are offering Android Pay?
For now, only a handful of banks are offering this: American Express, Bank of America, Discover, Navy Federal Credit Union, PNC, Regions Bank, USAA and U.S. Bank. And it's a soft roll-out. That means that not every customer of these banks can use Android Pay today. It depends on Google and your phone. When you see the Android Pay app available on your phone, then you can register your cards issued by a participating bank and use Android Pay.

In the months ahead, all major banks are expected to offer Android Pay, just like they have with Apple Pay. Last year, only a few banks nationwide offered Apple Pay. Today, all major Cleveland-area banks offer Apple Pay, including Key, Huntington, Chase and Fifth Third.

What are the advantages of Android Pay?

Just like with Apple Pay, your account number isn't stored on your phone with Android Pay. And Google doesn't have it either. Your phone simply stores a token.

When you use your phone to pay for something, the merchant doesn't get your account number. Each transaction is authorized with a unique authentication code, so even if payment data is somehow stolen in a data breach, it can't be used for another transaction.

If you lose your phone, a thief can't unlock the payment capability without your phone unlock code. If there were a retail security breach, like those that occurred at Target and Home Depot, the hackers wouldn't have your account number or even your name or any information about you.

Can anyone with an Android phone sign up for it?
Yes, as long as your phone uses Android 4.4 or higher and you have a credit or debit card from a participating bank.

When will other banks offer it?
Additional banks will likely start rolling out Android Pay in the next several months.

Isn't it pretty much like Apple Pay?
Yes, but there are a couple of notable differences. The biggest one: With Apple Pay, you have to unlock your phone with your PIN and must separately authorize your payment with your fingerprint or keypad PIN. There's no second layer of authentication required with Android Pay -- not by using your fingerprint or by entering your PIN again. If your phone keypad is unlocked because the phone is in use, it can be used to make a payment. Many people allow their keypads to remain unlocked for five minutes or 15 minutes after the last use.

In addition, with Apple Pay, you can choose which card you want to use for a particular transaction. With Android Pay, you have one default card.

Where is Android Pay accepted?
It's a form of "near-field communication" payment. It is accepted in more than 1 million stores nationwide. Among the big chains: Macy's, Panera, Toys R Us, Staples, Subway and Walgreen. Two major chains, Walmart and Best Buy, do not yet accept NFC payments.

You can tell whether a merchant accepts Android Pay or Apple Pay if you see the "pay wave" symbol at the payment terminal, Trebilcock said.

Why are Android Pay and Apple Pay safer?
Apple Pay is safer than paying with a traditional magnetic stripe credit or debit card because you don't have to carry the card with you, your account number isn't stored on your phone, Google doesn't have your account number, each transaction is authorized with a unique authentication code, so even if payment data is somehow stolen, it can't be used for another transaction.

Perhaps most important the merchant doesn't get your account number. So if there were a retail security breach, like those that occurred at Target, Home Depot, the hackers wouldn't have your account number or even your name or any information about you.
If you lose your phone, a thief can't unlock the payment capability unless he has your keypad PIN. This is different than what happens if you lose your wallet or a single credit or debit card. It can be used by anyone until you cancel it or until the bank flags it for suspicious purchases.
Share it:
Reactions:

Android

Post A Comment:

0 comments:

What's On Your Mind?