Wednesday, 15 April 2015

Google Wallet vs. Apple Pay: Top-notch mobile payment systems!

Google wallet vs Apple pay
Google wallet vs Apple pay
From cash payments, cheques, debit/credit cards, net banking to the latest mobile payment systems, the world has been continually progressing with the advancement of technology. According to a recent survey, the worldwide market for mobile payments is expected to grow by about 60 percent in 2015. Who doesn’t wish to shop online while relying on safe mobile payment systems? While the tech giant, Apple, came up with Apple Pay, another search-engine brand Google introduced Google Wallet, which is a mobile wallet payment system. The preliminary reports suggest that both are identical; however, Google Wallet and Apple Pay still have different features. Read further to discover how the two products have made lives more convenient than before.Primary features

Google Wallet vs. Apple Pay: Primary features

Google Wallet and Apple Pay are mobile payment systems that were introduced by brands: Google and Apple Inc. respectively. Post the launch of Apple’s payment system, Google Wallet was immediately launched in the following weeks. Their implementations are slightly different, but both systems allow contactless payment using NFC (Near Field Communication) technology. Apple uses their Touch ID technology for authentication.
Google Wallet
Google Wallet
Google opts for a traditional PIN-based authentication system, which makes the Apple’s system a bit easier to use. It significantly allows Google’s solution to work on older hardware, including Apple’s own iPhone 5! If you wish to make online purchases straight from an application that you have downloaded from a website, then you can do so with Google Wallet and Apple Pay. They automatically handle the entire checkout process with pre-filled defaults and require PIN or Touch ID verification to complete the transaction.
The only fear that arises in the minds of people while using mobile payment systems is the level of security. No one wishes to risk their bank account passwords being hacked. But in this scenario, both Apple and Google incorporate strict security gateway systems to make both Pay and Wallet platforms secure.Security systems
Apple pay
Apple pay

Google Wallet vs. Apple Pay: Security systems

The underlying issue with respect to debit and credit cards is that there have been an enormous number of fraud cases occurring in the west. Banks and retailers are planning strategies to upgrade their platforms. Mobile payment systems, such as Google Wallet and Apple Pay, make upgrading easier. No doubt, both the companies offer equally robust systems, but they have their individual unique approaches to the dos and don’ts of the products. For every customer who uses both the products, they would be aware that the only difference is the Touch ID (Pay) vs. PIN authentication (Wallet). But an important factor that people may not be aware of is that neither of the systems reveals the user’s card details to the particular vendor.
During the initial set up, the user’s card details are provided only once. Google saves the card details to their server and then issues a virtual card to your device. At the time of payment, the device transmits the virtual card. This means that the vendor never sees your original card that is safely protected by Google secure servers. The virtual card is apparently charged by the seller and then Google charges your stored debit card as it is the only entity that has the access to your card details.
Apple adopts a different system called as tokenization. In this case, when the card details are provided to the device, it quickly contacts the issuing bank. Upon confirmation, it receives a token called Device account number (DAN) that is stored on a secure chip within the server. The DAN resembles a credit card number and is passed on to the particular vendor when the payment is made.

Google Wallet vs. Apple Pay: The difference

What are the other differences between Google Wallet and Apple Pay? Google acts as an intermediary and stores all your card details on its servers. There is no need for making deals with the bank, and any card can be added to your Google Wallet. You can add loyalty and gift cards to your wallet to send and receive money without having to involve the bank in the transaction. Google tries to replicate the real moneybag in the virtual world. It tracks activities and saves order details. Keeping in mind their 100 percent security model, you can stay assured with its Google Wallet Fraud Protection policy.
Apple Pay, on the other hand, neither stores your card details nor tracks your transactions. It involves the bank as a primary intermediary. This is because Apple doesn’t act as a payment intermediary and positions itself as a payment method. Apple transmits the card to the bank, authenticates the details with the bank, and receives and stores the DAN that the bank sends back. The fingerprint scan security along with the ability to remotely disable the phone offers quite a bit of protection.

Both Apple Pay and Google Wallet are easy-to-use mobile payment methods. For the consumer, these systems offer convenience and vast changes for boosting up the security levels. One can pick up a payment method as per the convenience quotient.

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