Mobile payments are trending at a swift pace as 85% of the world are mobile users [1] and mobile payments offer the convenience of making payments as easily as tapping of your phone. However, a lot of people look at this new method of payment with pinch of suspicion. Following are the most notable myth about mobile payments- busted. Doesn’t Sound Real It’s been long since we have been hearing rumors about NFC devices has been buzzing around but nothing big have seen the day of the light. As the trend goes one may conclude to the above assumption but,…
Payment Platform
Serve is the American Express reply to both PayPal and Google Wallet (Amex Serve vs. PayPal). It has been criticized for not offering anything new that PayPal was not offering one year ago, and this was last year. However, just this February 16, 2012, Serve released a statement that it would be operating with the same technology as Google Wallet – making a sale or transaction through the use of smartphones and an NFC card reader. A Competition in the Offing This makes it a potential three-way race – PayPal has been at Google Wallet right from the start, after…
Powered by NFC technology, Google Wallet allows your phone to act as your credit card. By tapping your phone (only Android at this time) against a compatible chip reader available with select shops, your payment information are transferred to the merchant without swiping any physical card. Google Wallet in fact aiming for a plastic credit card extinction. While the idea of combining your phone and your credit cards may be scary, Google Wallet, in theory, is more secure than a plastic card. If you haven’t used Wallet in the past 30 minutes or so (or if you manually lock it),…
