Paying for things in this day and age is so simple compared to the days when people had to carry a heavy purse or wallet with cash in them. Not that some people don’t still do that, but now we have the option of paying with credit cards or by using smartphones – we can actually use them in a store or in an online purchase.
And this is so much more convenient than just carrying money in purse or wallet that can be more easily stolen or forgotten somewhere.
Right now, there are three mobile payment systems available. In Android’s case, there’s Android Pay and Samsung Pay and in Apple’s case there’s Apple Pay which was the first one ever released.
Here is an overview of these three systems that may help you decide which one to use for mobile payment and make your life easier and more efficient
Android Pay is Google’s current mobile paying system which is rooted in the 2011 Google Wallet service but with added features taken from Softcard, a company bought by the giant in 2015.
Android Pay works like this: when you log in to the app on whatever Android device you happen to have, you also have the option of adding payment cards just by using your camera for capturing the necessary card details. After it’s stored you are free to use it in any NFC terminals that have the Android Logo.
If you’re thinking that it doesn’t sound safe enough know that Android Pay will also ask for a fingerprint read in order to confirm your payment within the app and those devices that don’t have that technology ask for a passcode.
The downside is that it doesn’t have the same broad support of banks and credit cards.
Apple was the company that initiated this type of payment system and it introduced it back in 2014. Since then, it has been the preferred app for mobile payment among users. It uses the same paying method as Android but it can also exchange information with contactless P.O.S systems.
Android Pay and Apple Pay are very similar but the latter has broader support from banks, retailers and credit card partners plus more availability in China and the UK.
Samsung Pay works in the same way that the aforementioned two work, but it also has a clear advantage over its competitors: a Magnetic Secure Transition where a magnetic coil inside the phone generates a magnetic field that allows it to interact with traditional credit card terminals – it basically functions like the magnetic card strip. Therefore, you can use it both in NFC based terminals and in traditional terminals.
Plus, any information exchanged during payment is tokenized which is a system that substitutes a card’s number with an encrypted unique alphanumerical identifier.
However, although it is supported by credit card partners, banks and retailers, it cannot be used for purchases in apps and these supported devices are limited to the latest Galaxy phone models.
Mobile Payments Beyond Smartphones
Other devices that can be used for payments besides mobiles are smartwatches which are now considered complementary options. So far, only Apple has offered this option on a smartwatch whit the Apple Pay app.
But we expect Samsung Gear S2 to support Samsung Pay very soon. Also, we hope Android Gear will start supporting Android Pay sometime in the near future.
Although, these payment systems have proven to be very useful, they do not have access everywhere so at this point in time, it would be impossible for them to completely replace credit cards or cash money.
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