Mobile Wallet Comparison: Apple Pay vs Google Pay vs Samsung Pay
2015 is the year of paper money. Mobile payment apps today make it easy to transfer cash, credit, debit, and gift cards. You just need your phone at the checkout and you can tap to pay your bill. Which apple pay vs android pay vs Samsung pay app should you choose a mobile wallet?
What’s the best mobile payment app?
Apple Pay, Google Pay, and Samsung Pay are all popular options and are compatible with most merchant card readers and credit cards. However, there are Chase Pay, MasterCard PayPass, and PayPal to be aware of.
Although they all serve the same purpose, each platform has its own unique strengths and weaknesses. These mobile payment platforms are slowly being adopted, but merchants are increasingly adopting the infrastructure to support them.
Let’s take a look at three of the most popular mobile wallets, how they work and what entrepreneurs and consumers can expect to see in terms of more widespread adoption.
Google unveiled a rebranding of its consumer payments products in January 2018. It merged Android Pay with Google Wallet to create a single service called Google Pay, or more commonly, GPay. Google Pay incorporates Google Chrome’s autofill feature.
In a blog posting for The Keyword, Pali Bhat, Google vice president of product management and CEO said that Google Pay will make it easier to use your payment information stored in your Google Account so you can speed up checkout with confidence. You’ll be able to use Google Pay online, offline, and across Google products. Google says not to use Goole pay for the wallet in android phones.
How to use Google Pay
Like previous iterations, Google’s payment products allow users to add credit, debit, and gift cards to their applications. Google pay benefits are You can also store loyalty cards, which will allow you to keep track of your reward points.
Google Pay in-store uses near-field communication technology (NFC), to transfer your credit card information from your phone to the card reader. You can simply open your phone and hold it to the reader if the store accepts Google Pay.
Although this app does not require fingerprint authentication you can still use it to unlock your screen. It can also be used with a PIN or pattern, but not Smart Unlock, Knock To Unlock, or retina scanning. Google will send a security code to verify purchases. Google Pay purchases are free of transaction fees.
Consumers who have previously added credit, debit, gift, or loyalty cards to Android Pay or Google Wallet work as normal and don’t need them to be re-added. There is no need for consumers to install another app to use Google Pay. Users who have Google Pay apps already will only need to update their devices to reflect the Google Pay name.
Google Pay availability
Google Pay can be used with many e-commerce apps such as Airbnb, Boxed and Caviar, Fandango. Instacart is also available. Google Pay is accepted at participating Acme, American Eagle Outfitters, and Bloomingdale’s as well as Walgreens, Walgreens, Bloomingdale’s, and Whole Foods stores. It is also accepted by the Las Vegas Monorail system – and it is growing. some differences between android pay and Samsung pay for users.
Google Pay security
When it comes to financial information, security is always a concern. Google Pay, like its predecessor Android Pay, uses a virtual number to protect your personal information.
Apple Pay, accepted by more than half of all stores, provides a similar private, secure and easy electronic payment service via iPhone, iPad, Apple Watch, or Mac. It doesn’t require an Apple device. All it needs is the latest iOS, watchOS, or macOS version, Apple’s Wallet app, and an Apple ID signed in to iCloud.
How to use Apple Pay
Apple Pay can be used immediately after you add your debit, credit, or prepaid card into Wallet. Apple Pay works with many credit cards and U.S banks.
Apple Pay is available in-store at compatible merchants that accept your compatible check card reader. You can use your iPhone, iPad, or Mac on the internet (in Safari). Apple Pay allows you to continue accruing loyalty points, rewards, and other benefits.
You can also send and receive money using your iPhone, iPad, or Apple Watch. You can send money to Siri in Messages. The money you receive is added to your Apple Pay Cash card in Wallet so that it’s available for immediate use. You can also transfer money from your Apple Pay Cash card into your bank account.
Apple Pay can be used to pay your friends quickly, but it is possible that the credit card you select may charge you a fee. Apple does not charge merchants or consumers a fee.
Apple Pay availability
Apple Pay can be used within iOS apps and on the internet by devices with Touch ID or Face ID (except for the iPhone 5s).
- iPhone 6 and newer
- iPad Mini 3 and newer
- iPad Air 2 and newer
- iPad (fifth generation and newer)
- iPad Pro
- Apple Watch (first-generation and newer)
According to MacRumors 74 out of 100 top U.S. merchants accept Apple Pay and 65% of U.S. retail outlets support it or will soon. Ace Hardware, Champs CVS, Firehouse Subs, and Foot Locker accept Apple Pay. Apple Pay is accepted by Chipotle, Etsy, and Jet as well as MLB.com and Seamless, Staples, Ticketmaster, and many other websites. Apple Pay can be used to make donations to charities such as American Red Cross and Feeding America. You can use both Android Pay and Apple Pay to pay online within apps.
Apple Pay security
Apple Pay purchases are stored in your Wallet app. However, the transaction information is not saved elsewhere. Each transaction that you make on your iPhone or iPad, Mac, requires authentication using Face ID, Touch ID, or your passcode. Your Apple Watch is protected with its unique passcode. You can suspend or permanently revoke your Apple Watch’s ability to make payments if it is stolen or lost.
In-store purchases are not shared with card numbers or identity credentials. Your actual card numbers are not stored on your Apple device, nor on Apple servers.
Online purchases only allow merchants to receive the information you have authorized them to share in order to fulfill your order. This includes your name, email address, and billing and shipping addresses. Apple Pay apps must have a privacy statement that you can see. This allows you to keep control of your data.
Also read: Top 10 Money Management Apps for Android
Samsung Pay has fewer devices than Apple Pay and Google Pay. This electronic wallet works with selected Samsung Android mobile phones. Samsung phones should be upgraded to Android 5.0 or greater, and have the latest version installed of Samsung Gear. These devices are compatible:
- Galaxy Note5 and newer
- Galaxy S6 and newer
- Galaxy Watch, Galaxy Watch Active 2, Gear S2, Gear S3, and Gear Sport
How to use Samsung Pay
You can add any Visa, MasterCard, or American Express credit card to this electronic wallet. Samsung Pay is supported by more than 1,000 credit unions and banks, including Chase, Navy Federal Credit Union, and TD Bank. It is possible to add loyalty cards and gift cards to make it easier for you and your customers. You can store any card with a barcode in Samsung’s electronic wallet.
Samsung Pay allows you to make purchases. You can access the card you want on the app, verify your purchase, and then place your phone next to the card reader. Samsung Pay can also be used to make online payments. After that, your fingerprint will verify the purchase.
Samsung Pay availability
Samsung Pay has many security features. Every purchase must be verified with your fingerprint, an iris scan, or PIN. Your credit card number is not used for transactions. Instead, a random list of numbers is transmitted. Samsung Pay is free.
Samsung claims that all credit card information is protected in a data vault and encrypted. You can also remotely lock and erase your account using Find My Mobile.
Samsung has tied its electronic wallet to its rewards program. You earn points with every purchase that can be used to redeem gift cards. Many of the items in this rewards catalog are Samsung products. Promotions are regularly offered by the company that changes according to the season.
Google Pay vs. Apple Pay vs. Samsung Pay: What should you choose?
It all depends on the smartphone you have. Apple Pay is required if you own an iPhone. You can choose between Samsung Pay vs Google Pay if you own a Samsung phone. Google Pay is the only option for all Android smartphones.
All three systems work in the same way. Samsung phones can be used to test Google Pay and Samsung Pay. All other mobile wallets depend on the mobile operating system. and Samsung pay or google pay is available on android phones.
Pros and cons of mobile wallets
Pros of mobile wallets
- They’re easy to use. It is easy to download mobile wallets on your phone and use them for purchasing. You won’t have to worry about getting in line at the checkout if your phone is new or has NFC-enabled capabilities.
- They’re more secure than you’d think. Google Pay, Apple Pay, and Samsung Pay were designed with security in mind. All three platforms protect your credit card numbers and personal information from merchants.
- You don’t need to carry credit cards. Mobile wallets have the advantage of allowing you to leave your credit cards at home. All your cards can be carried on your mobile wallet as long as you shop at stores that accept mobile wallet payments.
- They have great rewards programs. Google, Apple, and Samsung often offer new reward and promotion programs to keep shoppers savvy on their platforms.
Cons of mobile wallets
- They are not universally accepted. Mobile wallets can be convenient, but it is still a smart idea to have a credit card and extra cash in case of an emergency.
- You may have data privacy concerns. Mobile wallet platforms can be very secure but they have the potential for your transaction history to be recorded.
- They are dependent on your phone. A mobile wallet platform has the greatest drawback: it is tied directly to your phone. This makes your phone the single point for failure. You’ll have no option if your phone dies, or your wallet is lost.
Also read: How to Remove Ads from Your Smartphone?
Why the slow adoption rates?
Apple Pay is the most popular mobile wallet, with 13% reporting that they have used it at least once. However, only 3% reported using it on their last shopping trip. Even lower usage rates are reported for Samsung Pay and Google Pay, which are 7% and 5%, respectively. Only 1% of users on these two platforms used the app during their last shopping trip.
Mobile payment platform offers greater convenience, speed, and security than traditional payment methods. So why is it so difficult to get widespread adoption? A few key barriers have prevented consumers from adopting these payment methods and have also slowed merchant incentives to invest in the infrastructure needed to encourage further adoption.
- A lack of familiarity with contactless payment: Contactless payments are still a relatively new concept in the U.S. market. The lack of familiarity among consumers with contactless payment solutions has resulted in a consumer culture that is not well-versed in NFC-enabled payment options. This leads to another barrier: a lack of consumer interest.
- Sluggish infrastructure adoption: Consumers have not driven merchants to adopt NFC payment systems, despite their expectation of contactless payments. This has resulted in the platform being unavailable and has hampered usage rates even among those who prefer mobile payment platforms. Consumers would be more likely to use the payment platforms if NFC support were more easily available.
- Ingrained habits: The majority of Americans don’t understand how to transact with a credit card. They also don’t know how to use contactless payments on their smartphones. This problem is compounded by the fact that each manufacturer uses a different method, so the exact location of the NFC readers can vary from one terminal to the next.
Slow growth is not necessarily a bad thing. The more contactless payments capabilities are made available, the more people will be exposed. Younger consumers are the most promising sign for contactless payment acceptance, which suggests that there will be more demand as more people enter the market.
Implementing NFC point-of-sale systems
You can implement a POS system that supports contactless payment systems like Apple Pay, Google Pay, and Samsung Pay. The good news is that the majority of POS systems shipped in North America include NFC technology.
Consumers might view the ability to pay using mobile payment solutions as a luxury, as adoption rates increase. It could be a competitive necessity as consumers become more familiar with the mobile payment system’s availability in most stores. Merchants should look into NFC solutions as a solution to the shift in POS systems towards NFC.
Once you are confident that you have the best equipment and the most current POS software, your small business can accept digital wallets. There is no signup or application required. Your staff will need to be educated on how customers can pay using their smartwatch, tablet, or phone.
Advertise in your store or website that you accept digital wallets to let your customers know. You can contact your POS system provider for assistance if you have any issues. However, all three companies offer support phones for digital wallet services.