Rich Crocco

Apple Pay Has Company: Samsung Pay, Android Pay

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With the recent flurry of media surrounding Apple Pay, I decided to look farther into the product, see the details behind how it worked, how it might change customer behavior, etc. It didn’t take long to figure out that Apple Pay is not alone. Not only has Google Wallet existed since 2011, two more products are on the way: Samsung Pay & Android Pay. Let’s take a look at all these products to see how they compare.

Apple Pay
Some say this product will revolutionize the way we pay for products and services. Tim Cook, CEO of Apple, Inc. said 2015 is “the year of Apple Pay.” Apple Pay takes the upcoming Credit Card transition from Mag strips to chips (set for October 1st, 2015 in the U.S.) a step further by getting rid of the physical card altogether.

With Apple Pay your credit card information is securely stored in the iPhone Passport App and your iPhone effectively becomes your wallet.

To start making purchases with Apple Pay you do the following:

1) Input your credit card and/or debit card data into the Passport App on your iPhone 6 or 6 Plus (this data is encrypted and device specific).
2) Set up the Touch ID function on your iPhone. This feature allows you to sign-in to your iPhone and execute other functions such as Apple Pay with your fingerprint as authentication.
3) Simply hold the iPhone near an Apple Pay compatible reader, or contactless reader, when settling a payment. The iPhone will communicate with the contactless reader through ‘near field communication’ technology and will send an encrypted one-time use only code that represents your credit card information. The Touch ID will be used as authentication. Read more…