Apple Pay, Android Pay, Samsung Pay; Which Is Best For NFC Transactions?

NFC - Near field communication
by Intrepid Payment Processing

Have you entered the new world of mobile financial transactions yet? Your options for transferring money at the speed of light have never been better. Apple Pay, Android Pay and Samsung Pay are all mobile point-of-sale financial systems, but which is best for NFC transactions?

How Does Near Field Communication (NFC) Technology Work

Apple, Android and Samsung all depend on the development of the Near Field Communication (NFC) technology to function. Both the smart phone and credit card terminals must have microchips that recognize each other during an “air swipe” inches (or centimeters) away.

Problem: Cost
New NFC-enabled credit card terminals could cost up to $500. When the economy is struggling, it is difficult to justify the addition of “new technology.” Gradually, Chinese credit card terminals are coming on board, but it takes time.

Solution: Incentives
The smart phone manufacturers are offering incentives. Apple, Android and Samsung all support the same “tap to pay feature.” The technology can be loaded onto bracelets, watches or smart phones for all three brands.

Special Apple Pay Features

Brand recognition is the greatest appeal of Apple Pay. There are more than 2,500 banks and 700,000 retailers that have signed up with Apple Pay as of March 2015.

Potential Problems with Apple
There have been reports of identity theft with Apple Pay. And three of the top retailers, have not signed onto Apple Pay, they prefer the Merchant Customer Exchange (MCX) group technology. Apple Pay is limited to the iPhone 6, iPad Air 2 and iPad Mini 3.

Special Android Pay Features

Google is the lead search engine and continuing to expand into other areas with Google Lens and self-driving automobiles. But perhaps, Google is trying to juggle too many balls at the same time. Android’s platform flexibility is a key advantage over Apple or Samsung. Google Pay also claims to have 700,000 retailers signed up as of March 2015.

Potential Problems with Android
When customers are struggling to migrate to a new technology, you don’t want to make changes. After spending money on Google Wallet, this brand has been incorporated into the Android Pay system. Android Pay uses a fingerprint sensor.

Special Samsung Pay Features

The Samsung Galaxy S6 offers both the Samsung Pay NFC payment system as well as the standard magnetic stripe swiping system. The LoopPay Magnetic Secure Transmission (MST) technology allows the Samsung mobile devices to be used at more than 30 million retail locations.

Potential Problems with Samsung
The Samsung Pay app only works with the Galaxy S6 and Note 5 models. Samsung also includes a fingerprint sensor.


Copyright 2015 Intrepid Payment Processing