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Apple Pay, Samsung Pay, Google Pay - which among these three can rise to top position in the UK?
13 May 2018
Market Insights | Financial Services

Google Pay, Apple Pay and Samsung Pay are the most popular mobile wallets available. To know on which mobile wallet rules, every one of these mobile wallets has advantages and limitations.

Google Pay: 

In January 2018, Google declared a rebrand of its consumer payment products and merged both the Android Pay and Google Wallet into a single, unified service known as Google Pay or, informally, GPay. More, Google Pay integrates Google Chrome's auto-fill feature. 

With Google Pay, it'll be easier for you to use the payment information saved to your Google Account so you can speed through checkout with peace of mind. Over the coming weeks, you'll see Google Pay online, in-store and across Google products as well as when you're paying friends," said Pali Bhat, Google vice president of product management and CEO of Google Payment Corp. 

No limitation in adding additional credit cards, debit cards, loyalty cards and gift card to this mobile wallet application which is a good opportunity for all the consumers. There is no need to add them again on Google Pay once there were on Google wallet; the only change is the automatic device update to reflect the Google Pay name. 

Within the store, Google Pay uses near field communication technology (NFC) which allows consumers to transmit their credit card information between their mobile phone and the card reader. If the store has a compatible card reader and accepts Google Pay, you simply hold your phone to the card reader while the phone is open. Also, it has the features of fingerprint authentication required as security verification for the application along a security code sent by Google Pay.

Google Pay (like predecessor Android Pay) is expected to use a virtual account number that ensures your personal information is secure on your phone for the sake of security of data in not revealing the original card details of the consumers. 

The best part is that if your phone is lost or stolen, you can easily lock the phone, create a new password or completely wipe all financial information until the phone is recovered. 

Apple Pay

Apple Pay is offering a hassle-free, secured, and private electronic payment service using iPhone, iPad, Apple Watch, and Mac. Along with an Apple device, all that's needed is the latest version of iOs, watchOS or MacOS, Apple's Wallet app, and an Apple ID signed in to iCloud. 

You can start using Apple Pay as soon as you add your credit, debit or prepaid card to Wallet on any device that you want to use with Apple Pay.  In-store, you use Apple Pay on your iPhone or Apple Watch at merchants with a companionable checkout card reader. On the web in Safari, you use your iPhone, iPad or Mac. Loyalty points, rewards and benefits from your cards continue to accrue when you use Apple Pay. 

Receipts are more likely a benefit in Apple pay as and when you make a purchase using Apple Pay, all your receipts are kept in your Wallet app, but the transaction information is not stored elsewhere for the security reasons. Every transaction made on your iPhone, iPad or Mac requires authentication with Face ID, Touch ID or your passcode. Your Apple Watch is protected by its unique passcode.  

If your Apple device is lost or stolen, you can suspend or permanently remove the ability to pay from that device. No crucial information is store in any instore devices and also not shared with the merchants. For online purchases, merchants only receive information like your name, email address, and billing and shipping addresses. Apps that use Apple Pay must have a privacy policy that you can view, which keeps you in control of your data. 

You can also send or receive money from your iPhone, iPad, or Apple Watch. You send money in Messages or ask Siri to pay someone using the credit and debit cards you already have in Wallet. 

Devices capable of using Apple Pay within iOS apps or on the web include iPhone 6, iPhone 6s, iPhone 6 Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus, iPhone SE, iPhone X, iPad Air 2, iPad mini 3, iPad mini 4 and iPad Pro models. 

Samsung Pay

Samsung Pay is much more limited than Google Pay and Apple Pay. This electronic wallet is companionable with selected Samsung Android mobile devices, including Gear S2 Sport and Gear S2 Classic watches plus Samsung phones updated to Android 5.0 or higher with the latest version of Samsung Gear installed. Visit Samsung online for the latest list of compatible phones. 

In this wallet, you can add any Visa, MasterCard or American Express credit cards. Additionally, more than hundreds of banks and credit unions support Samsung Pay. One can add gift cards and loyalty cards. 

Just place the mobile near the card reader and make a purchase through this app. Also, you can pay for online purchases by using Samsung Pay and then verifying the purchase with your fingerprint. 

One best advantage of Samsung Pay is it works with most card readers. It uses both NFC technology and magnetic secure transmission (MST) technology. 

Ion terms of security, one must verify every purchase with their fingerprint or by entering a PIN. Additionally, your credit card number is never used for transactions. Instead, a random set of numbers is transmitted. 

Samsung says all account information is encrypted and stored in a data vault.