Mobile Payment Solutions: The Major U.S. Players
As people of the West, we’ve acquired a taste for convenience and efficiency. With that in mind, it’s not surprising to see the evolution of payment systems around the world. As consumer behaviours change, so has the way in which we purchase goods, both online and in stores. Today, mobile payment solutions are gaining more momentum. Easy, fast and light, it’s the ideal payment option for many consumers.
What Are Mobile Payment Solutions?
Mobile payment solutions refer to payment services that are performed from or through a mobile device. These solutions are also known as mobile money, mobile money transfers and mobile wallets. They make transactions quicker and easier to manage.
The Top Mobile Payment Solutions Providers
The following are some of the major mobile payment solutions players in the U.S. market today.
Apple Pay was first released alongside iPhone 6, back in 2014. It lets iPhone users and Apple Watch users register existing credit or debit cards to their service. Once registered, users can pay for their items by placing their phone or watch near the reader. If paying with an iPhone, users place their finger on a fingerprint scanner for added security. If paying with an Apple Watch, users double-click the side button.
Android Pay was launched quite recently, in 2016. It’s another contactless payment mobile solution, which makes it easier for Android phone users to purchase items in store. Just hold the device over the terminal and zap – you’re good to go.
Samsung Pay is different because it uses Magnetic Secure Transmission technology. This technology is embedded in Samsung S6 and S6 edge, allowing Samsung users the option of paying with their phones at a standard magnetic stripe reader. This makes it even more convenient, as it can be used with any POS system where you can swipe your card.
Google Wallet was one of the first major contactless payment systems, released way back in 2011. It lets users purchase items online or in store, from a mobile device or computer. Users can also send money to friends and family, by entering the email address or phone number of the recipient. If the recipient also has a Google Wallet account, the money will be posted directly to that account.
PayPal is one of the most recognized mobile payment solutions for online shopping sites, and transaction based-businesses such as Uber and Airbnb. Those who are connected to PayPal can use the mobile app or make online purchases. To make purchases or to send money straight from a phone, users simply need to take a quick snap of their credit or debit card and add it to their PayPal account.
Most mobile payment solutions are compatible with any terminal that has NFC (contactless payment) capabilities, including used credit card terminals. A popular choice for NFC devices are Ingenico terminals. View our full range of new, refurbished and used POS equipment.