With the creation of innovative and practical mobile payment systems, mobile payment is becoming more accessible than ever.
Types of mobile payment
Mobile payment systems these days come in all kinds of flavors. There are those that make use of external accessories like The Square and “Tap and Go” pay systems that turn your mobile phone into a mobile wallet, where you go into a store and check out with your smartphone. Mobile payment systems that are in the latter category include Google Wallet, One Touch PayPal, and the recently launched Apple Pay.
What makes Apple Pay different?
With all the digital payment systems available out there, why is Apple Pay getting all the hype compared to the earlier released Google Wallet?
Google Wallet can be utilized on smartphones equipped with near-field communication (NFC chips). You pay by simply tapping your smartphone at a payment terminal. Essentially, Apple Pay works the same way.
However, it does have the advantage of having a more advanced security system. The iPhone 6‘s Touch ID verification system verifies your fingerprint at the same time that it approves your credit card transaction. An added layer of security is provided by its use of payment tokens – every transaction generates a new random 16-digit number instead of sending out your credit card number.
Apple also boasts that over 220,000 stores carry payment terminals where Apple Pay can be used and has mentioned global brands like Nike, McDonalds, Subway, and Toys R’ Us.
Apple Pay’s hard release is scheduled for this month and already it’s been generating a great deal of buzz, which is hardly unexpected. The fact that Apple is venturing into digital wallets could spur a more widespread acceptance of mobile payments.
Maybe it’s only a matter of time before we turn into a cashless, card-less society. In the meantime, we’re just going to have to wait and see how this technology pans out and make sure you never lose your smartphone.