Apple Pay vs Google Wallet Comparison: What Does the Cupertino-Based Mobile Payment Have to Do To Avoid Google's Failure?

Apple Pay vs Google Wallet Comparison: What Does the Cupertino-based Mobile Payment Have to Do To Avoid Google's Failure?

Adding up another battle ground for a technology showdown, Apple and Google is set to have a face to face confrontation but now it will not be a clash between their devices. The two American tech-giants will take their rivalry up a notch with their mobile payment service showdown.

Eweek reported that the newest showdown is about to start as Apple is set to launch its newest mobile payment service at the Oct. 16 event in California University. With Apple Pay imminent unveiling, Google Wallet, who has been around the market for three years, is set to face its biggest rival.

In a report, uswitch said that Apple will try to succeed in the area that Google has somehow failed. Claiming that Apple Pay is the first mobile payment service, claiming first on everything is known as an Apple trademark, the tech-company is set to provide a better and safer digital wallet for the mass.

For average American consumers, identifying the better digital wallet will be quite hard. Google Wallet has been around the market since September 2011 but it has not been able to reach a relevant wide market while Apple Pay is just a newly introduced service. So here are the notable differences that can help you know who will more likely win in this newest technology battle arena.

According to Time, Apple Pay and Google Wallet's showdown will not be about who has the latest technology. It is because both services use the same data transmission technology, the NFC which means near-field communications.

So how do they differ? The easier user experience is said to be Apple Pay edge against the Google Wallet. Apple iPhone 6 and 6 plus users just need to hold their finger on the Touch ID sensors to make a purchase. This provides the customer a leeway in unlocking the phone and entering their PIN code.

Apple Pay seemed to be better than Google Wallet in two crucial and important aspects of mobile payment, privacy and security. While the search-engine collect the data of purchase in their digital wallet to predict buying behavior 'in order to increase the relevance of targeted product ads', Apple remain firm in upholding privacy. No purchase record will be stored in Apple's servers.

In terms of security, Apple Pay's tokenization is seen to curb hack and fraud risks present in the web and banking. Together with its sensor Touch ID, the company will use tokenization that can randomly generate number that will protect both the customers and merchants against criminals. Google wallet also uses tokenization but because of the diverse type of Android phones, payment data is stored on Google's servers thus increasing risks of being hacked.

Apple Pay has also a wider range of partners compared to Google Wallet. In its launch, the new digital wallet will be partnering with three leading payment networks and six well-known card issuing banks. Search-engine giant's service on the other hand, premiered with just Citi as their card issuer and MasterCard as their payment network. Jonathan Wall, Google's founding engineer, has even admitted that their carriers have been 'one point of failure' of their digital wallet.

In terms of income generation, Google has reportedly been "too generous with sharing payment-related revenue." This resulted to their loss of money. Meanwhile, Apple has already closed discounted deals with their partner financial institutions. Though Apple Pay will not generate as much profit as the company's devices, it is still expected to breakeven which assures its sustainability.

If all these features will translate into reality, Apple Pay may not suffer the same fate of Google Wallet.

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