Introduction
Mobile payment is becoming increasingly popular, and Apple Pay and Google Wallet are two of the most well-known services. Both products use near-field communication (NFC) technology to enable contactless payments. However, there are some key differences between the two products that determine which one is better suited for your needs.
Security
Both Apple Pay and Google Wallet are highly secure payment channels. Apple Pay is considered to have a more secure payment process because it uses a fingerprint authentication system in addition to tokenization for payment information transmission. Google Wallet, on the other hand, uses a PIN for lock screen security. However, if your phone has been stolen, Google Wallet makes it easy for you to remotely disable your account.
- Apple Pay: FingerPrint authentication; tokenization for payment information transmission.
- Google Wallet: PIN protection; remote disable account.
Compatibility
Apple Pay is available exclusively to iPhone and Apple Watch users. Meanwhile, Google Wallet is accessible on all Android devices, making it a more widely compatible payment platform.
- Apple Pay: Exclusive for iOS and watchOS users.
- Google Wallet: Available for Android devices.
User Experience
Both Apple Pay and Google Wallet support touchless payment methods using the NFC capability on smartphones. However, Apple Pay delivers a better user experience due to its unique features like the swiping interface and Siri voice command.
- Apple Pay: Swipe interface, Siri voice command control.
- Google Wallet: Standard NFC payment interface.
Fees
For users, neither platform charges a fee for using their payment service. However, Google Wallet charges merchants a credit card processing rate of 2.9% + $0.30 per transaction, while Apple Pay charges them a fee based on their payment gateway of choice.
- Apple Pay: Payment gateway fees for merchants.
- Google Wallet: Credit card processing fee of 2.9% + $0.30 per transaction for merchants.
Availability
Google Wallet is available in more than 20 countries worldwide. However, Apple Pay is only available in 44 countries worldwide. As a result, if you are a traveler, Google Wallet is more likely to be your go-to choice for mobile payment.
- Apple Pay: Available in 44 countries.
- Google Wallet: Available in 20+ countries.
Conclusion
Both Apple Pay and Google Wallet are highly secure payment platforms, with each having its own unique features. While Apple Pay has a more efficient payment process, Google Wallet is widely accessible across all mobile platforms. Ultimately, it comes down to personal preference, your device, and the payment gateway of choice.
So, which one will you choose? Let us know in the comments below!
References
- Apple Pay
- Google Wallet
- [Apple Pay vs. Google Wallet – Which Is Better?] (https://www.mybanktracker.com/blog/mobile-banking/apple-pay-vs-google-wallet-276702)