Ever since the release of Apple Pay, mobile payment has come into focus again. While Google Wallet had caused a stir in the mobile commerce world, its inadequate features soon caused the buzz to die. But now all eyes are back on mobile payment systems. There are a whole lot of options for people to choose from if they want to pay using their mobile devices. By learning about the pros and cons of these mobile payment systems, you will find it easy to decide which payment system you want to choose. Let’s have a look at some of the mobile payment systems.
- Apple Pay
This mobile wallet from Apple uses NFC and has garnered a lot of attention ever since its launch. Different debit and credit cards can work with it. Both offline as well as online payments can be made with Apple Pay.
Pros– As your number is not stored in any place, this provides security. An alternate number is used which the hackers won’t find useful unless your fingerprint and your phone are with them.
Cons– You cannot use it with all Apple devices. You need an iPhone 6 or 6 Plus for making in-store payments. The app payment also requires the latest iPads and these latest iPhones.
Using the PayPal app you can make your payments in different ways. When using in retail stores, you just have to authorize the merchant on your app and the retailer selects your photo after it is displayed in the cash counter. Some retailers need your PIN and phone number at the time of payment. If you are ordering food online, you just order a meal for delivery and pay online.
Pros– You don’t have to just rely on cards for making the payment. You can also do so using your bank account. With PayPal, sending money to friends is also possible.
Cons– The process is confusing as different retailers need different modes of payment. In-store payments are accepted by only handful merchants.
- Google Wallet
One of the first systems to use NFC, Google Wallet had faced certain difficulties at the start. Credit card issuers didn’t support this system. Now, a MasterCard debit account is used for the customer and on the bank end, your regular card will be charged when you make your payments. You have to enter a passcode when using this digital wallet.
Pros– You don’t have to worry about which card to use, due to the primary MasterCard debit account.
Cons– All vendors do not accept the MasterCard debit card and it also doesn’t work on all devices. Since the transaction is indirect, you might not be aware of many benefits other cards offer from time-to-time.
These are some of the main mobile payment systems that you can use to ease your shopping process. Before selecting any one of them, make sure you are aware of the pros and cons.
What about you?
Which mobile payment system do you like to use? Do you know about any other advantage or disadvantage of these systems? Share your views in the comments below.
Image Source – mobilepaymentstoday.com