2 months ago
2 months ago
Launched in 2014, Apple Pay was designed to create a unique and secure payment solution for mobile phones and wearables. Apple Pay uses contactless point-of-sale technology called Near-Field-Communication (NFC) coupled with simple but effective Touch ID security features. Apple Pay can be used with the iPhone, iPhone 6 Plus, iPad mini 3, iPad Air 2, and the Apple Watch (when used in conjunction with iPhone). The app is included with iOS systems which will be able to support its use - currently 8.1+.
Use of Apple Pay is exclusive to those with iOS devices, which limits its use. The app offers several security features and is free to use.
PayPal was founded in 1998 as a response to the demand for a fast, safe, and simple solution to making purchases online. Capitalizing on the rapid growth of online auction leader, ebay, PayPal quickly rocketed to the top of online payments between people. Leveraging this partnership with ebay, PayPal continued to grow, acquiring companies and becoming a tool for online shopping. The company has developed solutions for web payments globally. Recently, PayPal and ebay ended their long-term partnership and PayPal is poised to grow in the mobile wallet industry, specifically for smaller mom-and-pop businesses with their mobile app and PayPal Here POS terminals and card readers.
PayPal is lacking in the number of brick-and-mortar retailers at which accept PayPal payments, which hurts their overall rating with the Review Team. According to the company, PayPal will soon be offering contactless payments at existing terminals, which will greatly expand their customer base.
After recently discontinuing the Samsung Wallet, Samsung prepared themselves for the introduction of their new app, Samsung Pay. This app is a leader in the mobile wallet industry for several reasons. The number of locations at which the app may be used to make payments far exceeds that of any other mobile app, since the app is compatible with both near field communications and magnetic secure transmission point of sale terminals - which comprise the vast majority of the existing terminals. Adding to the company’s benefit is the government-mandated program (October, 2015) that all terminals in the US must be upgraded.
The Review Team recommends Samsung Pay as a solid choice in the mobile wallet industry.
Venmo is a popular mobile app with many millennials, with the average user transferring money to friends and family members several times per week. The Venmo is owned and operated by PayPal and has been operational since 2009. The company is growing rapidly and offers their users convenience as well as bank-level security of their financial information.
Receiving funds from another user is free, and money sent via Venmo can easily be transferred into a US Bank account with a few taps. Members may use funds from any linked and confirmed US bank account to send money as well as their debit or credit card.
Plans for the company include the addition of mobile payments at retailers by the end of 2016.
Google wallet was one of the first to introduce a mobile wallet app, with its introduction in September 2011. In spite of this head-start, the app never reached the status which one would expect from Google. The app is available for Google account holders at no charge, and can be found under the “apps” tab in their browser. At one point, the Google Wallet offered tap and pay contactless payments, but this practice has since been discontinued and Google Wallet is primarily used for sending money person-to-person. Users may transfer money to/from their registered and confirmed bank accounts and request a free Google Wallet debit card to use in stores in order to spend their Google Wallet balance.
Google recommends that those interested in a contactless digital wallet use Android Pay. At present, this app is good for sending money, but does not include many of the features which the Review Team uses to rate companies offering a mobile wallet to be recommended as a mobile wallet provider.
The company is headquartered in Richmond, Virginia and has branches throughout the United States. Capital One is one of the largest holder of credit cards account in the country, with both personal and commercial account holders.
Along with several other large banks, Capital One pioneered the digital wallet, backing the ISIS Mobile Wallet in 2012. Support was soon removed, when the application did not perform as was expected. As such, most major bank chains have created their own proprietary mobile wallet app.
Capital One Wallet is the company's brand of mobile wallet and can be used on mobile phones, tablets, or iPod Touch devices. The app allows customers to monitor their spending and to use their Near-Field Communication (NFC) enabled mobile device to make contactless payments at equally-equipped terminals. Cell service is not required to complete a payment, although an internet connection is.
For those who exclusively use their Capital One card, with the possible addition of gift cards, this is a good idea. However, many use multiple cards and this app is not designed for this functionality.
Android Pay is the default mobile wallet app for Android users. It comes pre-loaded on many Android phones and is easy to download from the Google Play Store if it is not a pre-loaded app. Being that Android Pay is a part of the Android family, it provides the same support Android users are accustomed to. From their help website, users can request support via live chat, email, or by requesting a phone call. This mobile wallet allows users to make purchases with their phone using their choice of many of their existing credit or debit cards. The card information is as easy to enter into the app as taking a picture. Android Pay is very straightforward and allows users to make purchases at a large number of merchants with a contactless payment app.
Chase QuickPay offered by JPMorgan Chase Bank as a way to send or receive money directly from a Chase account. Using the service is free, and with the company's partnership with other banks via the clearXchange network, customers can easily transfer/send money to those who have accounts at other participating banks (JPMorgan Chase, Bank of America, Capital One, FIrst Bank, and Wells Fargo). Users can expect their funds to arrive within a 1-5 day turnaround time and money can be sent to any person with a valid email address. In order to use Chase QuickPay to send or receive money, one of the parties must be a current customer of Chase with a Chase checking account.
The amount of time required to receive payments with Chase QuickPay varies and the longer end of the window (5 days as per the website) is significantly longer than real-time payments offered by others in the industry. Additionally, this app is limited and is does not contain many features available in a mobile wallet.
Moven offers their customers several features in an app which works on iOS 7.0 and Android 4.4 and above devices. The app includes person-to-person payments, direct deposit, bank account transfers, a MasterCard debit card, contactless payment options, as well as budgeting tools to track spending. Moven can be used at any merchant which accepts MasterCard PayPass contactless payments.
In order to load their Moven account, users must select from a variety of features, which vary in their processing times and the fees associated with the various methods. Those who are able to wait longer periods of time for funds to be available will find that their transfers are often free.
Dwolla was founded in 2008 and is headquartered in Des Moines, Iowa. Much of the information encountered by prospective customers and the Review Team is targeted towards merchants becoming providers with Dwolla so that they can accept Dwolla payments from their customers. One of the primary differences between Dwolla and other mobile wallet apps is the fact that Dwolla does not store or use their customers' credit or debit card numbers. Rather, when sending money with Dwolla, users' funds are debited from the existing US bank account.
Businesses using Dwolla as one of their accepted methods of payment are able to offer their customer security in that their financial information is not shared at any time with the merchant. Additionally, the fee structure for sending money with Dwolla (previously $.25 for all transactions of $10 or higher was discontinued in June, 2015.)
Dwolla is a good alternative for a small percentage of the population who are looking for a mobile payment option, but is too limited in its scope at this time to be considered a top choice or fully recommended company by the Review Team.