Since the introduction of Near Field Communication (NFC) that turned our smartphones into the equivalent of a payment card, digital and mobile wallets have gained popularity. People are actively leveraging their benefits, including security, high portability, and speed for smooth and fast transactions globally.
It is no surprise that mobile payment apps have become extremely popular, and many big companies like Apple, Google, and Samsung have introduced their own contactless payment platforms. However, just like credit and debit cards, these apps differ from each other. As contactless payment platforms continue to expand, this information will help you navigate these payment apps and pick the one that will work best for you and your card.
If you are an iPhone user, you don't have to download any app to use Apple Pay, as Apple Pay is available for every iPhone user by default. Additionally, Apple users can utilize Apple Pay on Macs when making online purchases. Apple Pay Users enter their debit or credit card information into their Apple account, which safely stores it and makes it possible to purchase goods just with a wave of your phone at many US retail locations, or with just a click online. Using a debit card with Apple Pay is completely free, and for credit card use, there is a 3% fee.
One of the most popular features of Apple Pay is the receiving and sending money to and from family and friends right in Messages. Overall, Apple Pay is safer (due to the additional encrypted verification and NFC technology) and easier to use than a physical card.
Google Pay is another mobile payment app that offers NFC technology. It comes preloaded on Android smartphones and has a built-in e-wallet to enroll debit or credit cards for electronic payments. It is accepted at many retail stores, as well as through online services such as Airbnb, DoorDash and more. It can also be used to send and receive money using the Google Pay Send feature, which is transmitted via email or text message.
Google Pay is protected with a multi-layer security encryption, so it's a safe alternative to using a traditional card swipe or chip payment. Like Apple Pay, debit card payments with Google Pay are free, and for credit card payments there is a 2.90% fee.
Samsung Pay is among the top leading mobile payment apps like Apple Pay and Google Pay. Samsung Pay functions in the same way as other major contactless payments apps - users just need to waive their digital wallet close to a terminal to make a purchase.
What makes Samsung Pay different from the others is that it offers three levels of security. These levels of security include an iris scanner, digital tokenization, and Samsung KNOX, which make transactions highly secure. Another benefit of Samsung Pay is users' ability to earn reward points for every transaction they make using Samsung Pay. Users have an option to choose the voucher from the redemption catalog for those accumulated reward points.
If you’re ready to get started using a digital wallet, open a checking account with a debit card with Mechanics Cooperative Bank today! Our debit cards are compatible with Apple Pay, Google Pay and Samsung Pay.