Being a responsible and trustworthy clearance holder means finding ways to keep your data private – and it’s also in your personal best interest. From encrypted messaging apps to virtual private networks to encrypted web browsers, it’s all about creating layers of security and privacy. Electronic payment methods are super convenient, but it’s important to understand which ones keep your data more secure.
encrypted payment apps
Encrypted payment apps allow you to make or receive payments online or offline securely and privately. Unlike regular payment methods, such as credit or debit cards, which can expose your personal information, financial data, or transaction history to your bank, merchant, advertiser, hacker, or government agency, encrypted payment apps use various methods to protect your online identity and data.
Many encrypted payment apps are available on the market, but not all are equally secure or reliable. Some may have weak encryption algorithms, some may collect metadata or personal information from you, some may have backdoors or vulnerabilities that could expose your data, and some may be owned or influenced by companies or countries that do not respect your privacy rights.
To help you choose the best encrypted payment app for your needs, I have reviewed five popular apps: Apple Pay, Privacy.com, MySudo, PayPal, and Venmo. I have evaluated them based on their security features, privacy policies, usability, functionality, and compatibility.
1. Apple Pay
Apple Pay is a mobile payment service that allows you to make or receive payments online or in person using your iPhone, iPad, Apple Watch, or Mac. It also allows you to pay for goods or services online or in-store using your Apple Cash balance, bank account, credit card, debit card, or Apple Card. It uses robust encryption protocols and features such as Face ID, Touch ID, or passcode (verify your identity), device account number (create a unique number for each device), transaction-specific dynamic security code (create a one-time code for each transaction), and Apple Pay servers (process payments securely) to ensure your security and privacy. It does not share your financial information with merchants or third parties. It also offers features such as Apple Cash (send or receive money via iMessage), Apple Card (a credit card with no fees and cashback rewards), Apple Wallet (store and manage your cards, tickets, coupons, and more), and Apple Pay Transit (pay for public transportation). Apple Pay is free for personal use; it charges fees for business use or currency conversion. It is available for iOS, watchOS, macOS, and web browsers.
2. Privacy.com
Privacy.com is a web service that allows you to create virtual cards that can be used to pay for goods or services online or in-store. Each virtual card has its own number, expiration date, and security code. You can link each virtual card to your bank account, credit card, debit card, or Privacy.com balance. You can also set spending limits, pause or close cards, generate single-use or merchant-locked cards, and get cash-back rewards on some cards. Privacy.com uses strong encryption protocols and features such as two-factor authentication (verify your identity), tokenization (replace your card details with a token), and Privacy.com servers (process payments securely) to ensure your security and privacy. It does not share your financial information with merchants or third parties. It also offers features such as Privacy.com browser extension (create and autofill cards on websites), Privacy.com mobile app (create and manage cards on your phone), Privacy.com API (integrate with other apps or services), and Privacy.com Pro (access advanced features for a monthly fee). Privacy.com is free for personal use; it charges fees for business use or currency conversion. It is available for Android, iOS, Windows, Mac OS X, and web browsers.
3. MySudo
MySudo is a mobile app that allows you to create multiple profiles or “sudos” that have their own phone numbers, email addresses, and virtual cards. You can use each sudo to make or receive calls, texts, emails, or payments online or in person. You can also customize each sudo’s name, avatar, ringtone, and notification settings. MySudo uses robust encryption protocols and features such as end-to-end encryption (protect your communications), zero-knowledge architecture (prevent data access by third parties), ephemeral messages (delete messages after a certain time), and MySudo servers (process payments securely) to ensure your security and privacy. It does not collect any personal information or metadata from you. For more details on MySudo, you can reference back to part 1 of this series.
4. PayPal
PayPal is one of the most widely used and trusted online payment services worldwide. It allows you to send or receive money online or in person using your email address or phone number. It also allows you to pay for goods or services online or in-store using your PayPal balance, bank account, credit card, debit card, or PayPal Credit. It uses encryption protocols and features such as fraud protection (refund or dispute transactions), purchase protection (cover eligible purchases), seller protection (cover eligible sales), two-factor authentication (verify your identity), and PayPal Security Key (generate one-time passwords) to ensure your security and privacy. However, it also collects some of your personal information and metadata, such as your name, address, phone number, email address, IP address, device information, location information, transaction information, cookies, web beacons, and other online identifiers. It may also share some of your data with third parties for advertising or marketing purposes. Therefore, you should read its privacy policy carefully before using it. It also offers features such as PayPal.Me (create a personalized link to request money), PayPal Cash Card (a debit card linked to your PayPal account), PayPal Business (accept payments from customers), PayPal Giving Fund (donate to charities), and PayPal Credit (a line of credit with no annual fee). PayPal is free for personal use; it charges fees for business use or currency conversion. It is available for Android, iOS, Windows, Mac OS X, and web browsers.
5. Venmo
Venmo is a social payment app that allows you to send or receive money online or in person using your username or phone number. It also allows you to pay for goods or services online or in-store using your Venmo balance, bank account, credit card, debit card, or Venmo Credit. It uses encryption protocols and features such as fraud protection (refund or dispute transactions), purchase protection (cover eligible purchases), seller protection (cover eligible sales), two-factor authentication (verify your identity), and Venmo Security Key (generate one-time passwords) to ensure your security and privacy. However, it also collects some of your personal information and metadata, such as your name, address, phone number, email address, IP address, device information, location information, transaction information, cookies, web beacons, and other online identifiers. It may also share some of your data with third parties for advertising or marketing purposes. Therefore, you should read its privacy policy carefully before using it. It also offers features such as Venmo Card (a debit card linked to your Venmo account), Venmo Business (accept payments from customers), Venmo Rewards (earn cash back on purchases), and Venmo Feed (share and view transactions with friends). Venmo is free for personal use; it charges fees for business use, instant transfers, or currency conversion. It is available for Android, iOS, and web browsers.
Not All Payments Are Equal
Another thing to note is that using an encrypted payment app is not the same as using a regular payment method, such as a credit card. A credit card can expose different amounts of data depending on how you use it: swiping the card transmits the most data, chipping the card transmits less data, and tapping the card transmits the least data. However, even tapping the card can still reveal your card number, expiration date, and security code to the merchant or third parties. Therefore, you should always use an encrypted payment app on your personal devices when making or receiving payments.
Some of the apps we mentioned above, such as PayPal and Venmo, are not fully encrypted payment apps. They may offer some security and privacy features but also collect and store your personal information and metadata. They may also sell or share your data with third parties for advertising or marketing purposes. Therefore, you should be careful when using these apps and read their privacy policies carefully. You should also consider using other apps that offer more encryption and anonymity, such as Apple Pay, Privacy.com, or MySudo.
