However, the variety of mobile payment methods doesn’t receive the approval from all users. According to 451 Research, there are still many people finding it difficult to make payment via mobile phone due to the matter of security. Anyway, this trend can’t be reversible and more and more retailers agree the mobile payment. If you are quite confident in using your smartphone and feel it safe enough to go shopping with your phone only, go and find the safest mobile payment solutions that matches your phone’s features and functions.
Let’s have a look at the following top 10 most popular mobile payment systems:
One of mobile payment systems based on the NFC technology (Wireless connection at short range and contact within 4cm) which has been launched in September, 2011. For who uses Android smartphone, this payment method on Play Store seems to be quite familiar them. However, Google Wallet can do more than this, in which you can purchase online or at store or even send money to another person. In addition, Google has bought back the solutions and patent of Softcard to push the competition of this method with Apple Pay.
Apple Pay was introduced to users at the same time with iPhone 6 at the end of 2014. iPhone 6 users or their next generations (e.g Apple Watch) can sign up the service of using credit card or debit card for the payment. In order to use Apple Pay, you only have to have the Apple device close to reader device and put your finger on finger scanner for the payment.
Without further sayings, Paypal has been a legendary payment system. This is definitely familiar to online community as a fast and convenient payment option for e-commercial websites such as eBay. Paypla also launched the mobile payment system which is supposed to be helpful that users only need to take a photo of their credit card or debit card, then input information into Paypal account for instant purchase or directly sending money from mobile phone.
Square Cash is a mobile payment solution allowing users to create their own username called $Cashtag with its unique mechanism. According to information on Square Cash official website, account owner even can send a message from Twitter containing $Cashtag to devote to charity or pay for any services, or send money to other people.
Although this payment system is not as popular as the others, Stripe is a mobile payment system based on web and mobile platform for “mobile application developers” only. It provides a platform containing tools and APIs to support you with self-designing your own mobile payment system that matches your business model.
This payment system is reserved for transferring only. It doesn’t require your credit or debit card but instead connects directly to your payment account. After signing up, you only need an email address to transfer money, which costs only 0.25 USD per transaction, or cost nothing if the transaction is from 10 USD and below. Because it only costs transferring fee of sender, this tool is helpful in case the receiver doesn’t have Dwolla account.
Vodafone released M-Persa in 2007. This payment system allows users to put money into the bank, draw out money or make payment via their mobile phone. Account Verification of source of money is saved in your phone (account owner) and there will be encoded SMS to send money or make payment. All the transaction cost a little amount of money. This tool is popular in Africa, and M-Persa even dominated Kenya once it was first released here.
This payment method allows connecting bank account or credit card with Venmo account to make payment. According to information on their website, this tool doesn’t charge the sender and most of the receivers depending on type of your bank card. To start using, you only have to sign in Facebook or use email address.
After buying back Lemon Wallet, Lifelock created Lifelock Wallet as cloud storage for all types of bank card you own, which is similar to a wallet. All the information like ID, insurance card, association membership, payment card etc. can be saved and get accessed via this application.
This player has just joined the community of mobile payment systems. After buying back LoopPay, Samsung discards Samsung Wallet and replaces with Samsung Pay. This tool makes use of a technique called Magnetic Secure Transmission integrated in Galaxy S6 and S6 Edge. It allows users to make payment via their smartphone at places using standard card reader (as at the ATM). This tool is about to be launched in summer 2015.
-Source : Top 10 popular mobile payment systems in the world: Have you got any idea?