China's online mobile phone payment market will face a war

Following Apple Pay, samsung Samsung Pay, Microsoft also recently announced that its Windows 10 system will support the mobile Virtual bank card payment function. Apple pay has already finalised its time in China, Samsung is also seeking to co-operate with China UnionPay, and it is only a matter of time before Microsoft's payment system enters the mainland. China's online mobile phone payment market will be a big war.

Who has a better technology?

From the software level, the payment capabilities of Apple Pay, Samsung Pay, and Windows 10 are actually one thing, and they all belong to the type of "mobile Virtual bank card". This technology allows the mobile phone to simulate magnetic stripe or NFC chip card physical signal, so that the POS machine recognition and payment operations. In the process of mobile phone card device transmission is not the card number, password, but a dedicated encryption information. Information uploaded to the bank platform by the cloud to identify the return to the POS machine to pay success message, the POS machine out of the receipt and no need to sign the customer. Because the bank card number, password are not exposed, mobile phone payment can effectively avoid card theft brush and information leakage.

Apple, Microsoft and some Android devices are using NFC chips to transmit signals to the POS machine. This approach requires the cash registers to have NFC near-field payments, which can be used by machines with UnionPay-flash labels in the country. Samsung's technology compatibility is better: a mobile phone with the Samsung Pay feature can also simulate magnetic stripe card signals in addition to NFC, and can be identified by simply closing the phone near the card slot. Almost all POS machines have magnetic reader slots and are therefore compatible with the Samsung Pay.

From the convenience of Samsung's technology is clearly better, after all, support NFC communications, the popularity of the POS machine is not very high. But in addition, three of the means of payment from software settings to the consumption process are relatively close, difficult to compete.

Whose standards are safer?

Security is a top priority for mobile phone payments. If security is not guaranteed, no one dares to bind the bank card information to the phone. The means to address user concerns are basically the same: support payment function of the mobile phone with a new generation of fingerprint identification sensor, bank card information only stored in the device does not sync to the cloud, open the payment function must open the phone fingerprint lock, the local storage of sensitive information stored in the Special security module and so on. The effect of these measures is that as long as the owner does not lose the phone and fingerprint information at the same time, there is no need to worry about card theft or card number password leakage. However, if the mobile phone system by root, jailbreak after the main entry of the bank card data will be cyber risk, so the use of payment function of the mobile phone should not be root/jailbreak operation.

What kind of payment system can domestic users use?

The mobile payment function does well again, if does not have the bank support is also heroes. In the mainland market, any manufacturer wants to promote the mobile phone virtual bank card consumption system must cooperate with UnionPay. Apple Pay has already negotiated with UnionPay, but Apple is not the first handset brand to co-operate with the company, which has been partnering with UnionPay to launch the Android Pay payment system, with the fingerprint-recognition part of Huawei handsets using near-field consumer functions similar to Apple's pay. Samsung Pay is also expected to be accepted by UnionPay after its domestic listing of the Galaxy S6 series handsets. Microsoft has always had a good relationship with the Chinese government, so it is logical that the future of Windows 10 payment will come into China. UnionPay is bound to work with Apple, Android, and Windows handset vendors to counter payment and micro-credit line sweeping, and consumers will have plenty of choices.

Which is more promising?

From the current situation, the mobile phone manufacturers pay technology is not obvious, the use of flow and experience is basically the same, Samsung's compatibility is better, and Apple Pay famous, support Apple Pay handset sales are the most. But the mobile phone virtual bank card consumption is a trendy technology, consumer awareness is too low, need manufacturers, banks and businesses to cultivate the use of common habits. If the market does not do well, it is Apple Pay may not acclimatized, facing the embarrassment of no use.

The future decision of the winners and losers will be mainly marketing means, who can quickly educate users, training business proficiency, who can seize the opportunity hit. Compared with several big international giants, domestic manufacturers know more about consumer psychology and the know-how of market cultivation. Huawei, Millet, the charm clan, Lenovo these brands have or plan to launch with the virtual bank card payment ability of the handset model, in the future they will also be determined to promote, and may follow the payment treasure and micro-letter payment invests a large amount of money to subsidize the customer, lets the merchant and the Customer Initiative study new function, By contrast, Apple Samsung Microsoft These international giants are hard to put down their posture to do ground gas marketing, easy to cause users have a new machine but do not know how to use new technology results. From this point of view, although the mobile phone payment in the field of international brands menacing, eventually occupy the mainstream will be several major domestic manufacturers.