Mobile electronic wallet has been around for a decade, the newly unveiled Apple Pay seems to be different and signs are visible that the latter might be able to pull it off.
Only this week did Apple confirmed that the iPhone will have near-field communication (NFC) functionality that facilitates customers to pay for in-store purchases using their device, thus eliminating the need to carry around cash and credit cards.
But how is Apple Pay compared to its closest mobile payment system rival- Google Wallet? Read On
Google Wallet
Set Up: Google Wallet allows you to add to the cart simply by either signing into the Google Wallet website and use the Settings menu in the mobile app or log in through your bank's website.
Check Out: It uses NFC technology and during check out, it requires you to hold your phone near the contactless reader. Besides, you’ll need to wake up your screen and enter a PIN to complete the purchase.
Why Google Is Different? Despite the fact that both Apple Pay and Google Wallet lets you pay for both online and offline purchases, the latter one offers even more ways to pay and send money online.
• Aren't limited to major credit and debit cards
• Use your Wallet Balance (the amount stored in your Google Wallet or Google Wallet Card) to pay for purchases
Apple Pay
Set Up: Adding credit and debit cards to Apple Pay which are all stored in Passbook has many ways. If you are a new user, either take a photo of the card or enter the information manually. For those already registered, use the credit or debit card associated with your iTunes account by entering the security code.
Check Out: In order to speed up checkout, Apple Pay combines NFC technology and the iPhone's Touch ID fingerprint reader. All it requires is to simply hold your iPhone near the contactless reader with your finger on the Touch ID; the phone will vibrate and beep when checkout is complete.
Why Apple Pay Is Different? Many steps are taken to make Apple Pay safe and secure.
• Assigns each credit and debit card with a unique, encrypted Device Account Number to process payments
• Can disable or wipe your phone remotely with Find My iPhone in case you ever lose your device.
Companies have taken chances to turn the phone into a mobile wallet. Now it’s time for Apple and if they continue to execute on it, it'll really reshape the way people buy.
Only this week did Apple confirmed that the iPhone will have near-field communication (NFC) functionality that facilitates customers to pay for in-store purchases using their device, thus eliminating the need to carry around cash and credit cards.
But how is Apple Pay compared to its closest mobile payment system rival- Google Wallet? Read On
Google Wallet
Set Up: Google Wallet allows you to add to the cart simply by either signing into the Google Wallet website and use the Settings menu in the mobile app or log in through your bank's website.
Check Out: It uses NFC technology and during check out, it requires you to hold your phone near the contactless reader. Besides, you’ll need to wake up your screen and enter a PIN to complete the purchase.
Why Google Is Different? Despite the fact that both Apple Pay and Google Wallet lets you pay for both online and offline purchases, the latter one offers even more ways to pay and send money online.
• Aren't limited to major credit and debit cards
• Use your Wallet Balance (the amount stored in your Google Wallet or Google Wallet Card) to pay for purchases
Apple Pay
Set Up: Adding credit and debit cards to Apple Pay which are all stored in Passbook has many ways. If you are a new user, either take a photo of the card or enter the information manually. For those already registered, use the credit or debit card associated with your iTunes account by entering the security code.
Check Out: In order to speed up checkout, Apple Pay combines NFC technology and the iPhone's Touch ID fingerprint reader. All it requires is to simply hold your iPhone near the contactless reader with your finger on the Touch ID; the phone will vibrate and beep when checkout is complete.
Why Apple Pay Is Different? Many steps are taken to make Apple Pay safe and secure.
• Assigns each credit and debit card with a unique, encrypted Device Account Number to process payments
• Can disable or wipe your phone remotely with Find My iPhone in case you ever lose your device.
Companies have taken chances to turn the phone into a mobile wallet. Now it’s time for Apple and if they continue to execute on it, it'll really reshape the way people buy.
