Well-known mobile payment well-known companies compete for the advantages and disadvantages

On March 2, Samsung Electronics officially released "Samsung Payment," and Apple launched its own Apple Pay digital payment service late last year and believes the introduction of this service will revolutionize the way we shop. But in fact, the war on digital wallets has already started three years before Samsung and Apple entered the service.

Google launched Google Wallet as early as 2011, and Isis Wallet, a mobile payment service jointly funded by Verizon, AT & T and T-Mobile operators, began to popularize across the United States in 2013 (It should be noted that Isis Wallet is Last year it found its name changed its name to the name of Isis, the terrorist organization in Iraq, and the company now has a new name, Softcard, which was acquired by Google last month. At the same time, LoopWallet, a recently established mobile payment startup, seems to have drawn the attention of many consumers.

In response, the U.S. media analyzed the respective advantages and disadvantages of Google Wallet, Apple Pay, Softcard and LoopWallet.

Device compatibility

The purpose of the digital wallet appears to make the daily life of consumers will be more simple and safe, but not every digital wallet service can be compatible with all types of smart phones. For example, Google Wallet, Apple Pay and SoftCard need the device's built-in NFC module. Google Wallet can be compatible with hundreds of Android models, which exceeds the sum of Softcard and LoopWallet. At this stage, Apple Pay is only compatible with two models : IPhone 6 and iPhone 6 Plus.

It is reported that Apple plans to promote Apple Pay to iPhone 5, iPhone 5c, iPhone 5s these models, but consumers must buy the upcoming Apple Watch to achieve this function.

Softcard is currently the main adapter model is Android devices, while planning compatible with no built-in NFC module phone. Specifically, consumers need to purchase a special NFC protective case for their cell phone that does not have a built-in NFC module, and then go to the operator to replace a more secure SIM card to use Softcard's digital payment service normally.

LoopWallet also has its own special requirements in specific use, which requires consumers to buy an external Fob device at the same time. Although this device is very compact, but for consumers is not a very convenient thing. Therefore, the Loop side said that he is developing a mobile phone shell that can replace the Fob device, at the same time with the mobile phone manufacturers to discuss the built-in LoopWallet payment module in the phone may be.

Carrier compatibility

For mobile operators, LoopWallet and Google Wallet are compatible with any mobile operator, including prepaid and non-contractable machines. Apple Pay is compatible with only five major carriers in the country and does not support prepaid cards and non-contract machines , While Softcard only supports AT & T, T-Mobile and Verizon networks.

Also, Softcard places strict limits on the number of credit cards preset by the user, which only accepts cards from American Express, Wells Fargo and Chase Manhattan. LoopWallet and Google Wallet support almost any bank credit, debit or pre-stored card. At the same time, Apple Pay can support cards from the six major U.S. banks and add support for 500 banks in 2015.

Support the number of businesses

If there is no business support, then excellent mobile payment services will be the clouds. Data show that there are currently 208,000 stores in the United States have NFC devices, while the traditional credit card holders reached 12-15 million units. MasterCard, the world's leading card issuer, said that about 50% of these 1200-1500 conventional credit card readers will upgrade at the end of 2015. After upgrading, these devices will support more secure EMV chip cards and NFC reading functions .

MasterCard credit card expert Carolyn Balfany said: "Businesses can decide whether to activate the NFC capabilities of these devices, but I believe most of them will choose to activate both EMV card readers and NFC services at the same time."

However, Rite Aid, the nation's second-largest chain retailer, and CVS, a US retail giant, began suspending the use of NFC technology in October last year and is preparing to launch its own mobile payment platform, CurrentC. In the meantime, Avivah Litan, Gartner's vice president and noted analyst, believes the EMV standard will be fully operational or will take seven to 10 years.

From the current situation, LoopWallet seems to have the highest amount of business support. Because LoopWallet does not need to call NFC when trading, it uses electronic impulses that are compatible with existing payment systems in 90% of U.S. businesses. Seven of our eight surveyed businesses in this survey received LoopWallet payments McDonald's, 7-11, Shell Gas Station, Target, CVS, Starbucks and Lucky Supermarkets, while Google Wallet, Apple Pay and Softcard are only accepted by McDonald's.

Feature

Whether Google Wallet, Apple Pay, SoftCard or LoopWallet supports real-time refund, users only need to repeat the previous payment operation can be refunded. At the same time, they both support the ability to preload loyalty card information, but only Google Wallet and Softcard automatically offer discounts and discounts. Apple explained that because Apple Pay transaction content only consumers, businesses and card issuers can learn, so companies can not take the initiative to provide consumers with discount information.

Convenience

So, digital wallet in the specific use is really more convenient than the traditional payment method?

The answer to this question probably varies from person to person. Because if you're accustomed to taking a smart phone out of your queue and paying for your email, and looking at the news, using a wallet app to pay is a natural move. But for some, taking a cell phone out of a bag, unlocking it, finding a wallet app, and entering a four-digit password are even more complicated than traditional payment methods.

However, Apple's Apple Pay has a unique advantage in this segment because Apple users can replace their four-digit PIN with Touch ID, making it easier for consumers to use Apple Pay fairs than traditional credit cards. But one possible problem is that if the user's phone is dead, neither Apple Pay nor Google Wallet will work. LoopWallet has a much better solution in this regard because the Loopoballet's Fob is a completely self-contained device that makes use of Fob for trading in a unique "button mode" even when the user's handset is dead. It should be noted that Fob's battery life up to 2 months, can handle about more than 700 transactions completed.

safety

In terms of security, all of the above four mobile payment methods encrypt card information entered by the user, but Apple Pay imposes strictest restrictions on preloaded card information because the service accepts only credit and debit cards, and any Pre-stored card will not be recognized by the system. Softcard uses up to 10 security measures in the payment process, whereas Google Wallet and LoopWallet have time locks on the app, which are automatically locked to prevent unauthorized users from using the app for a while. However, Google Wallet and LoopWallet allow users to turn off this feature, but they can also bar the transaction remotely if the user's phone is inadvertently lost.

Because Apple Pay uses Touch ID fingerprinting technology, users can pay without having to type in passwords frequently. Moreover, Apple stores user's sensitive data in iPhone's independent chip area, so as to maximize the security of user's digital transactions.

The cost

Neither Google Wallet nor Apple Pay has a fixed hardware cost, but it costs $ 60-70 to buy a handset with a built-in NFC module if you want to use the Softcard Mobile Payments service on an iPhone without an NFC module.

At the same time, LoopWallet requires users to purchase an additional Fob peripherals, the price of this peripheral is 39 US dollars. Of course, users can also choose to buy $ 99 LoopWallet dedicated charging shell + Fob package combination.