There's certainly a lot of money to be made. According to Gartner, the global market for mobile payments will be worth $720 billion in transactions by 2017 -- up from about $235 billion in 2014. On the other hand, consumers aren't exactly chomping at the bit to ditch their leather right now. A recent poll found that only 17 percent of respondents would pay for items using a smartphone "always" or "most of the time." This is definitely an ecosystem in flux, partly because there are so many players offering so many different solutions – and so many questions about compatibility and security.
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Confused about what stores accept what mobile wallets using what technology? So is everyone in the industry, since no one knows how this new mobile wallet world will shake out. Use this guide to help sort out the competing mobile wallet options and decide what’s best for you.Here we are comparing "Apple Pay vs Android Pay vs Samsung Pay".
Apple Pay
Apple Pay is an iOS based payment gateway system that uses the devices to make payments on NFC-enabled credit card terminals at point-of-sale.Enter or scan your credit card information into Apple's Passbook app on an iPhone 6 or 6 Plus. In a store that accepts Apple Pay, you wave or tap your iPhone over or on an NFC-enabled POS terminal when indicated by the clerk to initiate payment, then approve the payment via fingerprint on the iPhone. With an Apple Watch, you just wave your Watch over the NFC-enabled terminal.
Apple Pay will also work on mobile commerce sites and commerce apps accessed via iOS 8.x devices.More than 2500 banks and credit card distributors have approved and are participating in "Apple Pay".It is supported in more than 700,000 retail stores including chains like Duane Reade, Foot Locker, Panera Bread etc.
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But Apple Pay faces three hurdles. First, NFC terminals represent only an estimated 10 percent of all point-of-sale payment terminals, and NFC-enabled terminals cost a retailer $500 or more. This NFC compatibility requirement naturally limits Apple Pay's retail reach. Second, controversy has been stirred up by reports of credit card fraud involving Apple Pay. The problem stems from banks being lax in authorizing credit cards scanned into an iPhone. Crooks steal credit cards or buy stolen card information online, enter the cards into their own iPhones, then persuade bank calling-center personnel to authorize the cards. Since Apple Pay retail transactions don't require secondary IDs, crooks have had a field day; ironically, Apple's own stores have been the site of 80 percent of the fraudulent transactions, according to the Wall Street Journal.Also, Apple Pay is not accepted by Walmart, Bestbuy etc which is a serious drawback.
Apple Pay will also work on mobile commerce sites and commerce apps accessed via iOS 8.x devices.More than 2500 banks and credit card distributors have approved and are participating in "Apple Pay".It is supported in more than 700,000 retail stores including chains like Duane Reade, Foot Locker, Panera Bread etc.
Also Read: Huawei Nexus 6P reportedly to be a 128GB variant
But Apple Pay faces three hurdles. First, NFC terminals represent only an estimated 10 percent of all point-of-sale payment terminals, and NFC-enabled terminals cost a retailer $500 or more. This NFC compatibility requirement naturally limits Apple Pay's retail reach. Second, controversy has been stirred up by reports of credit card fraud involving Apple Pay. The problem stems from banks being lax in authorizing credit cards scanned into an iPhone. Crooks steal credit cards or buy stolen card information online, enter the cards into their own iPhones, then persuade bank calling-center personnel to authorize the cards. Since Apple Pay retail transactions don't require secondary IDs, crooks have had a field day; ironically, Apple's own stores have been the site of 80 percent of the fraudulent transactions, according to the Wall Street Journal.Also, Apple Pay is not accepted by Walmart, Bestbuy etc which is a serious drawback.
Samsung Pay:
Samsung Pay is also known as Loop Pay.Samsung's answer to Apple Pay, Samsung Pay uses the LoopPay mobile-payment platform to allow for mobile payments at just about any point-of-sale system.
In this, Credit cards are entered into the Samsung Pay app in a method similar to Apple Pay/Passport. At retail, you swipe up from the Galaxy S6's(for eg.) bezel to access the Samsung Pay app, choose the desired debit or credit card, tap the phone to the NFC point-of-sale terminal, then authenticate the transaction via the Galaxy S6's fingerprint sensor In addition to NFC tap-and-pay, however, Samsung Pay will also work on standard magnetic-stripe point-of-sale retail terminals, thanks to LoopPay's Magnetic Secure Transmission (MST) technology. You first open the Samsung Pay app, select the debit or credit card you want to use, then hold your phone against the point-of-sale terminal where you would normally slide your card; the transaction then continues as if you had slid a card through.
It is supported by many companies like the Master Card, Visa, American Express, Bank of America, Citi, US Bank etc. and will work at around 30 million retail locations worldwide with NFC or a magnetic stripe point-of-sale terminal.
In this, Credit cards are entered into the Samsung Pay app in a method similar to Apple Pay/Passport. At retail, you swipe up from the Galaxy S6's(for eg.) bezel to access the Samsung Pay app, choose the desired debit or credit card, tap the phone to the NFC point-of-sale terminal, then authenticate the transaction via the Galaxy S6's fingerprint sensor In addition to NFC tap-and-pay, however, Samsung Pay will also work on standard magnetic-stripe point-of-sale retail terminals, thanks to LoopPay's Magnetic Secure Transmission (MST) technology. You first open the Samsung Pay app, select the debit or credit card you want to use, then hold your phone against the point-of-sale terminal where you would normally slide your card; the transaction then continues as if you had slid a card through.
It is supported by many companies like the Master Card, Visa, American Express, Bank of America, Citi, US Bank etc. and will work at around 30 million retail locations worldwide with NFC or a magnetic stripe point-of-sale terminal.
Providing compatibility with any standard magnetic stripe terminal, Samsung Pay will be more broadly accepted than Apple Pay. But Samsung Pay will only work on the Samsung Galaxy S6-series devices as well as the Galaxy Note 5, at least at first.While Samsung Pay uses secure tokenization for NFC transactions, magnetic stripe, or magstripe, transactions use standard credit card numbers stored in an industry-standard encrypted format (PIC-DSS).
Android Pay:
Android Pay is an NFC/fingerprint system similar to Apple Pay that stores your credit card info to let you make quick payments at supported point-of-sale systems as well as within certain apps.
Your Android Pay credit card information is stored on your device and accessed by store-specific apps. It will use the same token-based system to protect user data during transactions. When you want to buy something in a supported story, simply tap your device to pay.American Express, Visa, Master Card and Visa are some of the companies participating in the Android Pay.
Google says that this will soon work at 700,000 retail locations as well as within 1000 mobile apps.Its gonna work in stores namely Aeropostale, American Eagle, Bestbuy, Bloomingdales, Coco Cola, Gamestop, Jamba juice, Jetblue, McDonalds, Pepsi, Sports Authority, Subway, Panera, Staples etc.The apps supporting this are Chipotle, Dominos, Dunkin Donuts, eat24, Groupon, GrubHub, Eventbrite, Opentable, Hotel tonight, uber, Seamless, Spring, JackThreads etc.
Android Pay's ability to work across any Android device gives it a big advantage over both Apple Pay and Samsung Pay, both of which are currently limited to the iPhone 6 and Samsung Galaxy S6, respectively. The platform already has confirmed support for a host of major retailers, and looks to be as instant and seamless as Apple's mobile payment solution.
So, this is about the Apple Pay,Samsung pay and Android Pay and their comparison.
Your Android Pay credit card information is stored on your device and accessed by store-specific apps. It will use the same token-based system to protect user data during transactions. When you want to buy something in a supported story, simply tap your device to pay.American Express, Visa, Master Card and Visa are some of the companies participating in the Android Pay.
Google says that this will soon work at 700,000 retail locations as well as within 1000 mobile apps.Its gonna work in stores namely Aeropostale, American Eagle, Bestbuy, Bloomingdales, Coco Cola, Gamestop, Jamba juice, Jetblue, McDonalds, Pepsi, Sports Authority, Subway, Panera, Staples etc.The apps supporting this are Chipotle, Dominos, Dunkin Donuts, eat24, Groupon, GrubHub, Eventbrite, Opentable, Hotel tonight, uber, Seamless, Spring, JackThreads etc.
Android Pay's ability to work across any Android device gives it a big advantage over both Apple Pay and Samsung Pay, both of which are currently limited to the iPhone 6 and Samsung Galaxy S6, respectively. The platform already has confirmed support for a host of major retailers, and looks to be as instant and seamless as Apple's mobile payment solution.
So, this is about the Apple Pay,Samsung pay and Android Pay and their comparison.
