Thursday, 4 June 2015

Mobile Payments

Friends,

Have you thought about a mobile user's dilemma while doing a payment transaction via mobile? I remember the time when people were even sceptical to login to a third party website using Facebook or Twitter. They thought that it is not secure and preferred to create an account with website than login via Facebook. But the trend has changed and you can see apps now which can be logged in only via social media account. Just like login, mobile users prefer to stay away from a payment transaction in mobile. They prefer to do all search and analysis in mobile and later complete the transaction in desktop web. Well, this is going to change.


2 Big recent announcements

Mobile payments is a hot topic for the past few years. When BitCoin was introduced many thought, that will be revolutionary and going to replace the entire online payment transactions including that of mobile. But that didn't happen. Later NFC was introduced in mobile phones. Now most of the leading companies are trying to get benefit out of this technology. There are still a few which works on magnetic strip reading.


Apple Pay

Apple announced its payment platform called Apple Pay in Sep 2014. The idea is to provide a mechanism to offer a secure but easier platform to transact money. The Passbook app will help to add bank cards to your iPhone and later use it for payment. Apple Pay is supported only in the latest devices. Its also available in Apple Watch. Apple Pay can be used in stores where its point of sale uses the Tap and Pay feature, thanks to NFC . Mobile businesses can also enable Apple Pay in their app by integrating the In-App purchase feature. Apple pay makes the payment process so easy that just by scanning finger print , your money is transferred.


Android Pay

Acquired: Softcard
Google announced Android Pay, the payment platform in Google I/O event on May 2015. It behaves much like Apple Pay. Android Pay also has Tap and Pay and In-App purchase. But the major difference is that Android Pay is a set of APIs, but not a product. That means, unlike Apple Pay where your iPhone can transfer money without a third party app, Android Pay requires an app for payment transaction. Though there is no finger print scanning required for Android Pay as of now, they have plans to enable it in near future. Unlike Apple Pay, Android Pay will have wide reach as it is available in all the Android 4.4 phones with NFC support.

Google has gone a step further to make hands free payment. They plan to release a hands free app by end of this year that lets you pay at store by saying 'I would like to pay with Google'. Check here for more details.


Compare Apple Pay, Android Pay and Samsung Pay

There are more similarities than differences between these platforms. 
Features
Apple Pay
Android Pay
Samsung Pay
Tap and Pay
Yes
Yes
Yes
Tap and Pay without a third party app
Yes
No
Yes
In app purchase
Yes
Yes
No
Fingerprint security
Yes
No(coming soon)
Yes
Hands Free
No
No(coming soon)
No
Payment via Watch
Yes
No
No
NFC support
Yes
Yes
Yes
Magnetic strip support
No
No
Yes
Tokenize credit card number
Yes
Yes
Yes
Devices support
iPhone6, 6 plus, Apple Watch
All KitKat devices having NFC
Galaxy S6 and S6 edge
Support outside US
No
No
Yes


Other big players in mobile payment

Apart from Apple and Google there are also other companies to compete in this domain.

Samsung Pay

Acquired: LoopPay
Though announced early, Samsung is yet to keep the promise just like Tizen. As per the current information, Samsung Pay will be available only in Galaxy S6 and S6 Edge versions. The main difference between Samsung Pay and other solutions is the support of magnetic strip readers by Galaxy devices. Samsung will have a good reach as this additional feature will enable them in millions of stores without any new hardware.


PayPal Here

Acquired: Paydiant
The Braintree SDK can be integrated into any apps which now supports all the payment platforms available including Apple Pay, PayPal and BitCoin.


Microsoft Payments

Microsoft is planning for its native payment APIs in the upcoming Windows 10 version. Though Microsoft has not yet announced officially, they have procured license from various US territories to be a money transmitter.


Square

It will be still good to mention about Square in this article. They had offline card support 5 yeas ago using their card reading device called Sqaure Reader. Later they changed their target to develop an expense management system. 


Ready to pay via mobile? Well, let us wait for a day when you can see just one button in app's payment page. 

Cheers,
Winster

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