Quote: "BryanJ"
Quote: "MonaSeaclaid"There are already people out there who are totally committed to paying for things by just waving their phone in the general direction of a cash register, so I can't imagine there's much that can be done to prevent anyone from paying for something with a stolen phone at this point. I'm sure we'll invent something at some point but I don't think we're there yet are we?
When I think how easy it could be to wander around in buses and metros with a portable payment terminal and discreetly swipe it near peoples' phones
I use the wallet app with carefree abandon lol. However, I'm not worried that someone can just randomly hold a card reader to my backside and swipe money away from me electronically.
If the phone is locked, you cannot enable the wallet app without fingerprint recognition. In case your phone is stolen, that's the thing most people will realise they're missing almost instantly (at least the type who use mobile wallet) and it doesn't take much to call up the credit card company and cancel the card - certainly much quicker than the thieves can hack the phone.
Moreover, I have a RFID protected wallet, so people can try and wave a credit card reader as close to my ass as they can, they're not going to be able to take out money from my credit/debit card lol.
As far as the Chinese go, I did speak with my friend in Beijing a few days ago and asked him about this. He said that he does use wechat a lot more to make payments/flight bookings etc. But in his opinion, he could just as well have done that with credit cards, or in many cases even cash on delivery. For him, it's just quicker on wechat because it's all synced.