Using a contactless payment system requires that users store payment card number

ID: 3737930 • Letter: U

Question

Using a contactless payment system requires that users store payment card numbers in a “virtual wallet” on a smartphone to pay for purchases at an NFC-enabled PoS checkout device. Each of the major wallets (VISA PayWave, MasterCard PayPass, Google Wallet, Samsung Pay, and Apple Pay) have advantages and disadvantages. Using the Internet research three different virtual wallets. Create a table that lists each of the wallets, their features, strengths and weaknesses, ease of use, security, etc. Which of them would you recommend? In your opinion, what can be done to make these more popular?

Explanation / Answer

Google Wallet

Apple Pay

Samsung Pay

Feature

Strength

Privacy concerns include the storing of data regarding payment information, transaction details, payment attempts and other information stored by Google indefinitely.

Apple pay is available on the web.

Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access, and choice for customers while enabling an easy and safe payment experience. Samsung Pay is now available in 14 markets,

Weakness

Google Wallet is unlikely to help you if you were most interested in decluttering your wallet of your credit cards and loyalty cards..

The continuing weakness for Apple Pay is in failing to recognize that consumers are not seeking a technology solution to spending their money faster at the checkout, or a solution that gives a merchant or credit card issuer more security.

Samsung Pay users will also have to select which credit card they want to use and unlock their phones, making the process slightly longer and more complex than with Apple Pay

Ease of use

You can send money or request money from anyone, even if they don’t have any virtual wallet apps downloaded onto their device. All you need to know is their phone number or email address.

It can be accessed from anywhere as it is available on the web and also a faster checkout solution to save time and effort for same repetitive work

Easy to setup and quick to use. Linked with major UPI’s, it provides easy compatibility with other service providers.

Security

Google Wallet protects payment credentials by storing user data on secure servers and encrypting all payment information with industry-standard SSL (secure socket layer) technology. Full credit and debit card information is never shown in the app.

With Apple Pay, rather than using your actual credit card number, a security token is generated that is encrypted, and can protect your actual credit card number in the event that your phone is lost or stolen

Samsung has partnered with key financial institutions to safeguard your personal, transactional, and payment information. Samsung Pay uses tokenization and authentication methods to secure your information. In addition to the security measures implemented by Samsung Pay, Samsung’s KNOX service constantly monitors suspicious activity within the device to protect from any malicious attacks.

I would recommmed Android pay due to its more user base, ease of access and more compatability woth other payment services. These payment services should be made as simple as possible to make the payment process quicker and easily understood by more people.