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A couple of ways to pay with your smartphone soon
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A couple of ways to pay with your smartphone soon

by Raoul Celdran2015/06/21

Nowadays, a lot of big companies has been competing to implement a digital pay for a store purchase with your smartphone. Here they are:

Apple Pay:

Apple Pay will be used by placing your iPhone 6, iPhone 6 Plus, or Apple Watch next to a store scanner using near-field communication (NFC) signals. It uses Touch ID fingerprint transaction for authorization. For security reasons, Apple is using a ‘tokenization’ technique to replace credit card and bank account numbers with encrypted codes, plus it generates a second code for each transaction.

Apple will be available to 1 million locations by July. Most are chains, although the retail giant Wal-Mart is rejecting Apple Pay for some other alternative. Apple Pay also works with online stores and apps.

Android Pay:

The Android developer Google has since struggled to win its old app Google Wallet in the industry, but it’s now making new good deals with banks, chains, and wireless carriers that support the app. Android Pay is flexible, it will be available for any smartphone that runs with an NFC chip and an Android software, such as KitKat, Lollipop, or the upcoming M. For older phone versions without fingerprint readers, stores will require a PIN to authorize your purchases.

Android Pay will be available at 700,000 retail locations, including some stores that are also accepting Apple Pay, plus some vending machines that carry NFC readers.

Samsung Pay:

Samsung is planning to make an exclusive payment service for its upcoming Galaxy S6 this fall. Like Apple and Android Pay, the service will use the phone’s fingerprint reader and transmits ‘tokens’ instead of account numbers for enhanced security purposes.

Samsung cites that this service will be available to millions of stores, whether they have an NFC terminal or not. Upcoming Samsung phones will have an NFC chip that will be able to adapt and communicate with older store devices that read the magnetic stripe standard reader for credit and debit cards.

PayPal:

PAYPAL

PayPal which is already known for a long time will also be participating in the industry. The app is available in a few stores, the app requires the user to swipe your screen and ‘check in’ to make a purchase via a wireless connection, and the store’s clerk will approve the transaction and it will be charged to the customer’s PayPal account. Other stores require you to type a PIN into their check-out device or show a barcode on the phone’s screen.

However, PayPal will be accepted by some online sites and retail stores while only a few chains, such as Home Depot, Foot Locker, Autozone, and Toys R Us.

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