Do you ever find yourself in a situation where you need to pay for something but don’t have any cash on hand? Or maybe you just hate carrying around a wallet full of cards and cash. Either way, tap and pay systems are becoming increasingly popular as a convenient alternative to traditional methods of payment.
In this guide, we’ll give you a rundown of everything you need to know about tap and pay, including how it works, where you can use it, and some of the benefits and drawbacks.
What is Tap and Pay?
Tap and pay is a system that allows you to make payments using your smartphone or other mobile device instead of cash or a credit/debit card. To do this, you simply hold your device up to a contactless payment terminal and enter your PIN or scan your fingerprint (if your device has that capability). The funds are then transferred from your account to the merchant’s account almost instantaneously.
Where can I use Tap and Pay?
One of the great things about tap and pay is that it can be used in a variety of different places. More and more retailers are beginning to accept this type of payment, so chances are good that you’ve already used it without even realizing it. Some of the most common places that accept tap and pay include:
- Grocery stores
- Convenience stores
- Movie theaters
- Public transportation (buses, trains, etc.)
Benefits of Tap and Pay
There are a number of reasons why you might want to consider using tap and pay instead of other methods of payment. Some of the main benefits include:
- Convenience: As we mentioned above, one of the biggest advantages of tap and pay is that it’s incredibly convenient. There’s no need to carry around cash or cards, and you can make payments quickly and easily without having to fumble through your wallet or purse.
- Security: Another big benefit of tap and pay is that it’s more secure than traditional methods of payment. When you use a credit or debit card, your information is stored on the magnetic stripe which can be easily copied and used to make fraudulent charges. With tap and pay, your information is transmitted electronically and is much more difficult to copy or steal.
- Rewards: Many credit cards offer rewards programs that give you points or cash back for every purchase you make. However, these rewards can often be negated by fees and interest charges. With tap and pay, you can avoid these fees and earn rewards at the same time.
Drawbacks of Tap and Pay
Of course, there are also some potential drawbacks to using tap and pay that you should be aware of. These include:
- Limited use: While tap and pay is becoming more and more common, there are still some places that don’t accept it as a form of payment. This means you’ll need to have another method of payment handy just in case.
- Fees: Some banks and credit card companies charge fees for using tap and pay. These fees can vary depending on the institution, so be sure to check with your bank or card issuer before you use this service.
How to Use Tap and Pay
Now that you know a little bit more about tap and pay, let’s take a look at how it works. Using tap and pay is usually pretty simple and straightforward. Most of the time, all you need to do is hold your device up to a contactless payment terminal and enter your PIN or scan your fingerprint (if your device has that capability).
In some cases, you may need to open up an app on your phone and enter your PIN or fingerprint there. And in other cases, you may need to have your phone near the terminal but not actually touching it. Again, this will vary depending on the particular system you’re using, so be sure to check with your bank or card issuer for specific instructions.