WHAT TO EXPECT IN 2020
apple pay vs.
Apple Pay vs. Google Pay
As you're probably already aware, Apple and Google are two of the world's technology leaders. One big perk is that both offer easy-to-use digital wallets and mobile payment systems. These systems use modern technology that allows you to make contactless purchases in person and fast transactions online and in apps.
Digital wallets are becoming a go-to method for making purchases, changing the way people like you are spending their hard-earned money. When comparing Apple Pay to Google Pay, there are some key similarities and differences to keep in mind. Learn more about digital wallets and these popular payment services.
What Are Digital Wallets?
A digital wallet is a feature or app on your phone or mobile device that stores and links to payment information, such as:
- Debit cards
- Credit cards
- Bank accounts
You can make purchases through the digital wallet both online and in person. It works through wireless capabilities that send signals to the point of sale system. You don't have to swipe or insert your physical card.
Apple Pay and Google Pay are popular examples of digital wallets. Both allow you to make purchases from your smartphone or other mobile device.
What Is Apple Pay?
Apple Pay is a mobile payment and digital wallet service that Apple introduced in 2014. The service works as an alternative to traditional credit and debit cards that have magnetic strips. Apple includes an Apple Pay feature on the following devices:
- iPhone SE
- iPhone 6 or later
- Apple Watch
- MacBook with Touch ID
- iPad 5th generation or later
- iPad Air 2 or later
- iPad 3 or later
This service also allows you to send and receive money on iMessage, as long as both you and the other person have an iOS device.
How Does Apple Pay Work?
You can access Apple Pay through a pre-installed Wallet application on your device. You can link the following payment methods to Wallet:
- Credit cards
- Debit cards
- Bank accounts
- Prepaid cards
- Transit cards
Once you verify your account information with the card issuer or bank, you can start making purchases without a physical card. Apple Pay works using a technology called near-field communication to send payments.
This feature lets you make purchases by holding your device near the point of sale system at a store or other business. You can also buy products and services in iOS apps or on the internet using Safari.
You can access Apple Pay on iPhones through both iMessages and the Wallet app. This service also allows you to send and receive money on iMessage, as long as both you and the other person have an iOS device. It works with the Apple Pay button found on iMessage Apps.
Frequently Asked Questions About Apple Pay
There are a few common questions you may have about Apple Pay and how it works.
What Security Practices Does Apple Pay Use?
Apple Pay has many security features to protect your personal information and money. Devices must use authentication to enable Apple Pay. You can use the passcode or features like Face ID or Touch ID to access this payment method.
Apple does not have access to your card or bank account numbers, nor do they store this data. Instead, the service creates unique tokens known as device account numbers. Your financial details are always kept private.
In addition to these security practices, Apple masks your personal information on iCloud to secure the data in your Wallet app. This masks your account numbers when you make purchases.
If you lose or misplace your device, Apple's Find My app allows you to protect your Apple Pay account by turning on Lost Mode. You can also fully erase your device's settings and data if your phone is stolen or lost for good.
Where Can You Use Apple Pay?
You can use Apple Pay anywhere that accepts contactless payments. The point of sale systems do not have to have any special capabilities. More than 85% of retailers across the United States accept Apple Pay.
In addition to in-person shopping, you can use this digital wallet to make purchases on any iOS app. Plus, you can use it for transactions in Safari from your iOS device.
You can also make purchases with Apple Pay for the following services and platforms:
- Apple Music
- Apple News+
- Apple TV+
- iCloud storage
- App Store
Which Banks and Cards Support Apple Pay?
Apple shares the complete list of more than 3,000 banks that support Apple Pay on their website. The app also works with popular debit and credit card issuers, such as:
- American Express
Not all types of cards from participating banks and credit unions will work with Apple Pay.
Does Apple Pay Charge Any Fees?
In most cases, using this digital wallet is very much like paying with a physical card. You do not have to worry about fees if you link a debit card to Apple Pay. You can easily send money back and forth to other people without having to pay extra.
Some sellers may charge fees like they would for traditional credit cards if you choose to link your Apple Pay account to a credit card. And if you're looking to spend money overseas, it's a good idea to ask your bank about possible fees before you buy something.
The service allowed for peer-to-peer payments only until 2018. Android Pay was officially rebranded as Google Pay in 2018.
What Is Google Pay?
Google Pay is an online payment and digital wallet application with a history going back to 2011. It was originally called Google Wallet but changed its name to Android Pay in 2015. The service allowed for peer-to-peer payments only until 2018. Android Pay was officially rebranded as Google Pay in 2018.
Google Pay for Android devices works as an alternative to physical payment cards. It works as a digital wallet that can store a bunch of online passes such as:
- Boarding passes
- Identification cards
- Health records
- Loyalty cards
How Does Google Pay Work?
Google Pay works by using near-field communication. This allows Android devices to make purchases at any point of sale system that has the Google Pay or contactless symbol. You just have to hold your device near the system and you can approve payments without ever having to swipe a card.
You must download the Google Pay app since it is not automatically installed into devices like Apple Pay is. You also must turn on near-field communication settings on your device before making a contactless payment successfully. Plus, you will need a Google account to set up payment capabilities through the app.
The features that you can use will depend on the type of payment method you choose. You can link debit and credit cards or your bank account to the app and directly use these to buy something. Or, you can add funds to your Google Pay balance and send money from that balance.
Frequently Asked Questions About Google Pay
Here are some common questions about using Google Play to send and receive money.
What Security Practices Does Google Pay Use?
Google Pay has many security features to keep your financial information safe. It requires authentication in the form of a PIN or personal identification, such as a fingerprint. These make it difficult for anyone but you to access your Google Pay account.
Google Pay uses special technology to identify fraud risks. When a suspicious transaction occurs or when an account sends money to someone who is not on the contact list, you will receive an alert.
When you use Google Pay to make a contactless purchase, the merchant won't receive your card number. Instead, a virtual account number masks your payment information. Online shopping is especially safe with Google Pay because the app hides your data.
Google also helps you keep your information safe when you misplace your phone. You can lock or erase the data on it using Google's Find My Device so no one else ever has access to your money.
Where Can You Use Google Pay?
You can use Google Pay at any checkout system that has the contactless payment or Google Pay symbol. You don't have to get out a card or touch anything except the device you're using.
In addition to in-person shopping, you can use Google Pay to complete purchases for things online or in apps. It saves your information to make checking out on Google Chrome quick and easy .
The Google Pay app also lets you send money back and forth to people. Beyond shopping with your digital wallet, you can pay for both train and bus fares in certain locations using this payment method.
Which Banks and Cards Can Support Google Pay?
There are hundreds of banks that support Google Pay payment methods, including Discover and Amex. But the cards each bank supports will differ. You may need to research what cards you can link with your Google Pay account.
For example, PNC allows you to link the following types of cards to Google Pay:
- Visa debit and credit cards
- Prepaid cards
- Consumer cards
- Business cards
PNC does not allow users to link commercial cards despite supporting these options. Every bank has its own special rules, so it may be helpful to contact your bank and ask how it works with Google Pay.
Does Google Pay Charge Any Fees?
With Google Pay, you can have peace of mind when it comes to fees. The app is free in the Google Play Store and customers do not have to pay any extra fees when they use this service to buy something.
Stores and other merchants that accept payment from Google Pay also do not have to pay any extra fees. This means that you don't have to worry about merchants passing any fees onto you.
Can I Use Google Pay on an iPhone?
Yes! iPad and iPhone users can download the Google Pay app from the Apple App Store. You can use the service as long as you have a Google account and meet the following requirements:
- You must be 18 years old or older
- You must have a valid U.S. phone number
- Your iPhone or iPad must be operating on iOS 12.0 or higher
Pros and Cons of
Google Pay vs. Apple Pay
One of the greatest benefits of Google Pay is that it works with nearly any smartphone. The device just needs to have near-field communication and updated operating systems.
Pros and Cons of Google Pay vs. Apple Pay
When looking at Google Pay compared to Apple Pay, the two are very similar services. But there are unique pros and cons to each payment method.
One of the greatest benefits of Google Pay is that it works with nearly any smartphone. The device just needs to have near-field communication and updated operating systems. Besides this benefit, here are some of the pros of using Google Pay:
- Security: Google Pay uses virtual account numbers. This means the service always hides your bank information from the businesses where you spend your money.
- Easy-to-use: The app has a simple setup on all compatible devices. This makes it easy for you to make purchases quickly in person or online.
- Works like a real wallet: In addition to adding payment methods to your Google Pay account, you can also keep digital passes on your app. You rarely have to reach for your physical wallet.
There are also a few cons to consider when using Google Pay. Some people complain about this service's performance and delays. Your funds may not always be readily available like they are with Apple Pay. Plus, not all contactless point of sale systems work with Google Pay.
Apple Pay is widely accepted across the nation and readily available on iPhones without having to download an app. The following are some more pros to using this payment method:
- Sending and requesting money: This method allows you to send and request payments through Apple's iMessage app. This is a convenient and easy way to transfer funds.
- Secure: Apple does not store your personal data. The service masks your information when you make payments, hiding your account numbers from the places you spend your money.
- No internet required: Apple Pay does not need any internet connection for you to buy something in person.
There are also some cons to using this payment method. Because it is not an app, non-Apple devices cannot download or use Apple Pay.
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WHAT TO EXPECT IN 2020