It will soon be a truly mobile world! The speed with which new digital payments are being rolled out, particularly on mobile devices, means that you will be able to do just about anything on your handset.

Phones with NFC (near field communication) are the next big revolution waiting to sweep our markets. NFC is a chip embedded in a phone which allows the phone to interact with a point-of-sales terminal.

All you will need to do is to tap your phone on the merchant terminal and make quick payments at supermarkets, restaurants, towards cab fares, etc. That’s literally convenience at your fingertips. But it also means that you need to be extra-vigilant with your phone. Installing an anti-theft app on your mobile, securing your smartphone access with a strong password are some steps that can help you secure your handset better.

Do not also store sensitive information on your mobile phone or SIM card when you use mobile banking apps. This way, if your phone is stolen, you need not panic.

You can call your bank’s customer service and mark your device as stolen, and your mobile application can no longer be used on the lost device.

This apart, regulators and banks are also ensuring that your mobile transactions are safe. For instance, the RBI mandates a two-level authentication for all mobile transactions by entering the mPIN.

So, even if you do not block the application as explained earlier, and someone tries to use the application, he would still need to enter the mPIN. Banks are also free to set transaction limits.

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