The mobile payments industry is up for a major growth. Year after year, surveys and research reports predict that mobile payments would take off and people would use smart phone or smart watch instead of wallet in the future. But the consumer adoption has not lived up to the numbers and expectations.
But with the launch of Apple Pay, the technology has gained the much needed impetus. Within just 72 hours of the launch of Apple Pay, nearly 1 million credit cards had been activated on the service. So which mobile payment system works for you? Here is a quick comparison between Apple Pay and Google Wallet that will help you understand the similarities and differences between both the systems.
Apple Pay
Apple Pay allows users to make payment with a touch. With this technology, Apple attempts to take giant leap in the contactless payment technology. Apple’s flagship mobile payment system uses iOS device to make payments on NFC-enabled terminals at the point-of-sale (POS).
Users need to enter or scan credit card information into Apple's Passbook app on an iPhone 6 or 6 Plus. Simply wave or tap iPhone over or on an NFC-enabled POS terminal in a store that accepts Apple Pay and use Touch ID to complete your purchase. Users can make payment with iPhone, Apple Watch, or iPad in a hassle free, secure, and private manner. Apple Pay is compatible with iPhone 6 iPhone 6 Plus; Apple Watch Paired with iPhone 5, iPhone 5c, iPhone 5s, iPhone 6, or iPhone 6 Plus; iPad Air 2 and iPad Mini 3.
This entire process happens without the need to open an additional app or even change the display. In addition, the service can also be integrated into apps so users can use Apple Pay to make purchases just about anywhere within iOS.
Apple Pay works with several major credit and debit cards from the top U.S. banks and U.K. banks.
Google Wallet
Google Wallet makes it very easy to pay - in stores, online or to anyone in the US with a Gmail address. It works with any debit or credit card, on every mobile carrier. Google Wallet debuted four years ago. But as an early player in the mobile payments field, Goggle struggled to gain market traction, find carriers and retailers to support this technology which was way ahead of time.
Now it looks like Google Wallet will be soon replaced by Android Pay, which was announced at Google's I/O conference. Android Pay will be built in the upcoming version of Android but will work with Android phones with KitKat (version 4.4 or later).
How different are Apple Pay and Google Wallet?
Apple Pay and Google Wallet both use near-field communications (NFC) to transfer the user's payment information to the point-of-sale (POS) terminal. But the implementation varies. Apple has released Pay only with iPhone 6 and iPhone 6 Plus, iPads and Apple Watch and uses Touch ID for authentication.
Google opts for the conventional PIN-based authentication system. This makes Apple's system easier to use. But Google's solution works on older hardware.
Security
Both Apple Pay and Google Wallet work differently when it comes to security. Apple Pay adopts Touch ID. Google Wallet requires users to swipe their phones and enter a PIN to complete a transaction. Both the systems don’t reveal user’s card details to the vendor. However, Fingerprint scanning comes across as the most secure authentication method to users.
Devices Supported
Apple Pay works on the iPhone 6 and iPhone 6 Plus, as older iPhones don’t have the required NFC hardware. On the other hand, Google Wallet works with several Android phones.
Payment Process
Apple Pay: Rest a finger over the Touch ID sensor and hold it over a contactless payment terminal. The iPhone uses Touch ID for authentication of your fingerprint to process the payment. Touch ID makes this more convenient. No need to unlock your phone first.
Google Wallet: Hold your phone over the reader. You need to enter your Google Wallet PIN, which for security reasons is different from your phone-unlock PIN. Google Wallet requires your phone have two different PINs.
Android Pay: Coming Soon
Google has been one of the early adopters of mobile payment technology and years ahead of the competition. But Google Wallet has completely failed to realize its true potential. On the other hand, Apple Pay tasted success within hours of its launch.
In a bid to change the tide, recently the company announced that Android Pay will replace Google Wallet. Google already gave a big boost to its mobile wallet by acquiring Softcard, a mobile payments company backed by Verizon, AT&T, and T-Mobile.
Android Pay will soon be accepted at over 700,000 store locations across the US, and 1000+ Android apps. Keeping security at core, this new technology will use a virtual account number to represent account information.
Will Android Pay change Google’s fortune?
The fragmentation of device continues to come across a major hurdle. After all, Samsung the largest manufacturer of Android devices is coming with its own payment system. Will Google be able to carve a niche or pull off win against its major competitor? Only time will tell. We'll see how it works in the coming year.
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