The main difference between the two initiatives is the companies behind them. Google pioneered NFC technology years ago, which allowed users to pay with a mobile device at a point of sale using a secure, short-range signal.
However, the technology was not widely adopted at the time, which put Google on the back foot, giving Apple an opening to push their Apple Pay model. Apple, having an established and loyal user base, was able to roll out its system a great deal more effectively, coupling it with specific technology offerings, such as the Apple Watch.
Seeing an opportunity to partner with the high-prestige Apple brand, retailers and banks have been a great deal more eager to adopt the technology now. Google, however, is retooling its wallet to take advantage of their more flexible and open system. Unlike Apple, Google is allowing other developers access to its API in hopes that other companies will create innovative new ways to use the technology.
With 80 percent of global market share for the Android platform , payment processors and merchants have good reason to support Google's initiatives. When compared with other virtual wallets, Google Wallet and Apple Pay stand above most for online transactions.
The focus of many other virtual wallets is in-store purchases. Most of them, like Samsung Pay, can only process offline purchases and PayPal Wallet is not widely supported. Google Wallet is becoming more popular, which means more people are going to expect it at their favorite stores. Ecommerce business owners should consider offering digital wallets such as Google Wallet , which provide shoppers with more payment options. While there are several other options out there, Google Wallet and Apple Pay are most likely going to be the big players in the future.
According to The New York Times, both services keep adding more features in the hopes that their virtual wallets will catch on quicker. First, Google stores your information on its secure servers using strong encryption. You also have to set up security on your smartphone to use Google Pay.
If the lock is turned off, your account numbers are removed from Google Pay. Ensuring your phone is locked helps protect someone from gaining access to your phone and stealing your numbers. Read: All the ways mobile wallets can do serious damage to your finances. This is the same basic technology used for chip credit cards. If you buy something with a magstripe credit card, the actual card number is used for every transaction.
For in-store purchases, Google Pay can be used with almost any contactless payment terminal. You can also use Google Pay to pay for things online. Online Google Pay payments give you all of the same security and convenience benefits that Google Pay offers in person. To add your card to Google Pay, the credit card company and the particular card you have with them have to support the Google Pay system. Download for Android Download for iOS. Pay a friend or a group in a snap. Pay a friend or a group in a snap Send money to a friend or start a group to split expenses for dinner, bills, rent, and more.
Private Send and request money in private groups. Connected Plan, split, and make group payments right from your phone. Convenient Easily find your friends and make a fast payment. Stay connected with your favorite businesses. Keep your cards and accounts within tapping distance. Keep your cards and accounts within tapping distance Keep credit cards, debit cards, transit passes, and more on your phone for quick, easy access. Learn more about transit with Clipper.
Get a fuller picture of your finances. Get insights Learn about your spending patterns and where you can save money. You can even store multiple credit cards in your digital wallet, if you like to optimize your points by using different cards at different stores. You'll pick one as the default that scans when you tap your phone, but you can open the Apple Pay or Google Pay app to choose a different card before scanning if you want.
Finally, as with all things digital, some folks are hesitant to switch to a service they aren't familiar with—especially since digital security hasn't had the most confidence-inducing decade. But credit cards haven't exactly been bastions of security either—as anyone who's had their card stolen will tell you. In some ways, Apple and Google Pay are actually more secure than their plastic counterparts.
Both services use tokenization, creating a unique code whenever you make a purchase—the merchant never sees your credit card number, and even if a thief were to somehow steal that code, they wouldn't be able to use it to make more purchases. This is the same enhanced security your credit card's chip uses. For some reason, though, our credit card chips don't require PIN numbers like they do overseas , so if anyone steals your card, they can make purchases for you.
Apple and Google Pay, on the other hand, are locked behind the fingerprint sensor or face recognition on your device, adding an extra layer of security that credit cards don't have.
So even if someone were to steal your phone, they'd have a hard time using it for a Best Buy shopping spree. None of this is to say you can leave your credit card at home—though I have, accidentally, on many occasions and still been able to pay.
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