![]() Google's rival, SoftCard, was developed by Verizon, AT&T, and T-Mobile. With Google Wallet, users can make purchases at any “tap and pay” terminal, and use the accompanying Google Wallet Card in locations that accept Visa and MasterCard. Google Wallet appears to be the popular choice among Android users, who account for 52% of all U.S. Ultimately, the outcome of the virtual wallet war depends on just one thing: which virtual wallet will you choose?Īpple Pay and CurrentC aren’t the only players on the field. ![]() The catch is that stores using CurrentC are not permitted to accept other forms of mobile payment, such as Apple Pay. 15% piece of the transaction fee pie, which puts a lot of money back in a store’s pocket. The CurrentC application relies on QR Code technology and links directly to customer checking accounts and store cards. ![]() Rite Aid, CVS, Wal-Mart, and other chain stores use CurrentC in order to avoid the 2%-3% credit and debit card transaction fees banks charge. Why? Because the retailers have a contract with CurrentC.ĬurrentC is a merchant-owned mobile payment solution developed by Merchant Customer Exchange, or MCX. The launch was apparently the catalyst for a decision by Rite Aid and CVS to deliberately disable their NFC readers (so that Apple Pay users could not make mobile purchases there). You stand in the checkout line, present your smartphone instead of your credit card or cash, and – presto! – you tap and pay and off you go.Īpple Pay, the NFC-based mobile payment system that allows iPhone 6, iPhone 6 Plus, and Apple Watch users to make “tap and go” purchases, was launched in October 2014. From there, you're ready to make “tap and go” purchases at NFC- or QR code-compatible checkout terminals around the country. You can also link to any merchant loyalty programs you are a part of so that you continue getting those benefits. To start using mobile payments, all you need to do is download a mobile payment provider app and link it to your bank account, debit card, or credit card. Fortunately, you don’t have to understand the technologies to use them: most smartphones are already compatible with both. Most virtual wallets are made possible through Near-Field Communication (NFC) technology or QR Code technology. mobile payments, the basics are quite simple. If you aren’t familiar with virtual wallets, a.k.a.
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