Smartphone devices are invented to add extra value in our daily life, delivering something beyond the voice calls and text messages unlike their extinct ancestors. Enabling us with easy and quick internet accessibility, smartphones have created a profound impact on human behavior. They have unveiled new ways to make our life more qualitative by allowing us to perform many of our daily tasks with smoothly and swiftly.
Smartphones, being our new best pals, are now our way to stay informed and connected with everything and everyone around us. However fortunate or unfortunate this invention may be, the inevitability of it is obvious considering the unquenchable curiosity of us humans. No doubt, for long we all have been expecting these pals manage our clumsy wallets and cash too. Seems the advent of, and need of, better payment technologies enabled just that.
“The number of mobile payment users to jump from 50.8 million to 76.0 million, or 24.3% to 33.1% of total smartphone users, between 2017 and 2020.” -eMarketer
Are Mobile Wallet and Mobile Pay Platforms Different?
Both of these technologies allow users to make payment using their smartphones. I am sure most of the people are not clear about the mobile wallets and pay platforms are different from each other. Let’s discuss the core difference between both these terms.
Mobile Wallet can be any of your online payments and e-commerce app where you can insert your credit card, debit card or banking details to make virtual money transactions. You might be using PayPal, CapitalOne, LevelUp, etc.
The concept of Mobile Pay came into existence when Apple has launched Apple Pay. When you can make a payment using a mobile device, it is called mobile pay. Right now, we have Android Pay and Samsung Pay who are offering the same platform to use plastic money in any physical transaction such as making a purchase in-store or supermarket, restaurants, hotels, etc.
Mobile Pay – An Inseparable Part of Mobile Payments
Millennials of the U.S. preferred to pay using through mobile pay than credit cards. Using NFC technology, the market leaders have enhanced their online payment capabilities to cater user with convenient experience. They frequently release the groundbreaking updates for their respective devices to engage and inspire users to make payment using the mobile devices. Being a pioneer of mobile pay technology, Apple Pay has gained tremendous growth in the last few years, and it is expected to the graph will attain new heights in 2017.
Apple and Samsung are the leading brands for smartphone manufacturers who already have their functioning service. Android Pay and Google Wallet are other online payment platforms that offer the same services.
When your mobile phone allows you to pay bills, all you need is simply wave your device over a terminal at the time of payment. The payment will be deducted from your account and transmitted to the merchant account.
Wearable technologies are expanding their range by offering hi-tech IT services. They have started providing mobile payment facility as well. Apple Watch is the very first product of the wearable technology movement. Now it allows to track, transmit, and record the data. Users can make NFC payments using the wearable technologies. You can make a purchase using various wearables such as bPay band, Lyle & Scott bPay jacket, and Jawbone UP4.
Bluetooth is another point of payment is silently rising during this time using proximity sensors. Moreover, the money transfer will be possible through retinal and fingerprints in the upcoming time. Leading social media platforms and messenger/chat apps like Facebook have also started offering money transfer services using their app.
Right now, the mobile pay industry is dominated by the three leading technology companies. Though they are having a quite similar type of services, they are unique in their own ways. Have a quick look into the key differentiation amongst the offerings of Google Pay, Android Pay, and Samsung Pay.
Google Pay vs. Android Pay vs. Samsung Pay
Who Will Win the Race?
All the leading Pay platform providers Apple Pay, Android Pay and Samsung Pay can gain enough share as the market is in a growing phase. There are a few players and all they are big brands when it comes to smartphones. The tech giants also utilize their customer base, inspire them to use their smartphones to make payments on the outlet, and boost the use of their respective pay platform.
Right now the battle is on its pick between the above three tech market leaders. There will be much more to participate in the race in very near future.
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