Wall Street

Forget your wallet: Why haven’t you switched to paying by phone yet?

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A tap of your phone, a quick beep, and you’re done. What was still new a few years ago has become mainstream during the pandemic. Anyone who has switched to making contactless payments – often called “tap to pay” in restaurants and shops – with their phone won’t miss the times when they were rummaging around in their pockets for cash. For those who are still concerned: Holding a bank card or smartphone or smartwatch up to a payment terminal might seem faster, but is it secure? And what actually happens to the data transmitted during the payment process? Here are the most important questions an…

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