Blog

17 August

Technology

What’s in your Wallet?

By David Miller, Zonal Helpcentre

Cards, change, purses, wallets. We very rarely leave the house without them. They are also the objects that cause us the most stress when we lose them. The time is fast approaching however when we will be able to set off without any of them! Completing a transaction without cash or card, mobile payment solutions are the next leap forward!  Acting as a virtual wallet, debit cards, credit cards, store cards and loyalty cards can all be stored on a customers smartphone. And with the right systems in place at the POS you will be able to pay for goods and services, redeem vouchers and accrue loyalty points. All this, and the only thing to rummage for in your bag will be your phone!

Pick a card, any card…

With Android and Apple being the chief mobile platforms today, some will have more choice than others. Below we look at the different solutions on offer, who can use them and what their benefits and drawbacks are!

Apple Pay

Who Can use it? – Currently only available on the iPhone6
How to use it – Fingerprint verification will be available for tap to pay and online purchases
How it Works – Utilises NFC to transmit encrypted payment information
How Secure is it – As secure as it comes. Using a process called tokenization, information relating to say a credit card is substituted with other, ‘meaningless’ data. This means your credit card data is not stored on your mobile device (or Apples servers for that matter)
Pros – Quick and easy!
Cons – Relies on outlets having NFC enabled registers

Samsung Pay

Who Can use it? – Currently only available on the Samsung Galaxy S6
How to use it – Fingerprint only for tap-to-pay transaction.
How it works – Functions with NFC enabled registers and MST for older style credit card machines. (Estimates mean this app could be used with 90% of retailers within the US alone!)
How Secure is it? – On par with Apple, retailers will not have access to information relating to credit or debit cards!
Pros – Like Apples offering its quick and easy, but with the added bonus of being compatible with older style MST enabled POS.
Cons – The MST magnetic option is fiddly. Device has to be held a certain way for the transaction to go through. If you see someone standing awkwardly at a counter, this might be why.

PayPal

Who Can use it? – Any device that can download the app.
How to use it – Enables customers to send money via email or phone number.
How it works – Makes use of the existing PayPal network to transmit credit and debit card transactions.
How Secure is it? – Retailers will never see your details, but PayPal will.
Pros – Great way to shift funds between people.
Cons – When was the last time someone offered you PayPal as a method of paying for your morning coffee..??

Bitcoin

Who can use it? – Any device that can download the app.
How to use it – Works exclusively through QSR code scanning.
How it works – Completely independent monetary system to regular currency, often called cryptocurrency
How Secure is it? – Being an independent system you are somewhat on your own with Bitcoin. Lose a password or get hacked and your virtual pocket could get very light, very quickly.
Pros – Much like PayPal it’s ridiculously easy to shift funds between fellow users.
Cons – If you thought paying for a coffee with PayPal was difficult, you might pass out from thirst attempting to do it with Bitcoin! And this is before you even try lay-your virtual hands on a single Bitcoin, not easy!

Google Wallet

Who can use it? – Any device that can download the app.
How to use it – Tap to pay is available to users of NFC enabled Android phones. You also have the ability to send funds using the app or via email.
How it works – Much like a pre-pay card you add more funds to it as you go.
How secure is it? – Retailers won’t get your data, but Google will (but you already knew that!)
Pros – Another great platform for moving funds between friends. Google is partnering up with most of the big mobile providers to have wallet already preinstalled on new devices.
Cons – Heavily reliant on NFC enabled POS and they are still few and far between.

At Zonal we work tirelessly to develop EPoS solutions that meet and exceed the needs of our customers. With mobile payments set to become the norm for on the go transactions it’s essential that our products are more than just EPoS.

So the next time the bill lands, how will you be paying..?

 

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We take your privacy seriously and will never pass your details on to third parties. When you contact us we will store your personal details to contact you. You can read our full privacy policy here

We take your privacy seriously and will never pass your details on to third parties. When you contact us we will store your personal details to contact you. You can read our full privacy policy here