Technology has a monumental impact on society and in the way we live our day-to-day lives. Its simplified the most mundane tasks, such as making in-store purchases, by developing more innovative and effective ways to reduce our routinely and tiresome duties. For example, apps such as Google Wallet and Apple Pay, help consumers make transactions through their phones instead of swiping their credit cards. This new form of technology makes in-store transactions much easier and phone-friendly for end-users and companies alike. Food restaurants such as Chick-fil-A, have also jumped on this new innovative bandwagon by allowing customers to make in-restaurant purchases wirelessly through the Google Wallet and Apple Pay apps. Furthermore, the old days of reaching for your wallet and paying with your credit card seem to be long behind us, with just a simple tap on your phone your financial transactions can be now completed. But can mobile wallets be the next big technological takeover? Or is it just another technical disaster? Mobile Wallets such as Google Wallet and Apple Pay were respectively introduced to the world in 2011 and 2014.
…show more content…
What is Google Wallet/Apple Pay and what do they do? Google Wallet is a phone application that allows consumers to use coupons, credit cards, to make transactions without having to swipe your credit card (Digital trends. Web). Similarly, Apple Pay uses the same platform for their customers through their apple owned devices such as the iPhone 6, iPhone 6 Plus, iPhone SE, and apple watch. In addition, all devices must be NFC compatible and contain an NFC chip. The NFC (near-field communications) chip enables information to be transferred wirelessly and close-by without having to connect to the Internet. Once your phone is NFC compatible you are able to make in-store transactions. Google Wallet was developed by Google and MasterCard on May 26, 2011. In addition, Google wanted to create a app where consumers could send or receive money from their mobile phones or desktop computer. The app would also allow Android users to make in-store purchases. Likewise, Apple Pay was created by CEO Tim Cook on October 2014 adopting the same concept as Google Wallet, which enables Apple consumers to make financial transactions through the iPhone or any other Apple services. How does Google Wallet/Apple Pay work? First, your mobile device must be NFC compatible. For Apple users, Apple Pay only functions on the iPhone 6, iPhone 6 Plus, and iPhone SE. According to Apple, these are the only mobile devices that are NFC compatible and contain a Touch ID sensor (Macworld.com Web). Second, one must provide their account information on the Google Wallet/Apple Pay app. Consumers are typically asked to provide information such as “your account number, type of card, and any other relevant information” (Digital trends. Web). After this step is completed, “place your phone no further than two inches from a receiver and with one tap, you’ll pay for your item” (Digital trends. Web). For Apple Pay users, “you simply hold your iPhone up to a wireless payment terminal near the cash register, and then use Touch ID to complete your purchase” (Macworld. Web). Unfortunately, mobile wallets have been proven to be not as popular among consumers. According to a study by Mobile Research, “A mere 16 percent
What is Google Wallet/Apple Pay and what do they do? Google Wallet is a phone application that allows consumers to use coupons, credit cards, to make transactions without having to swipe your credit card (Digital trends. Web). Similarly, Apple Pay uses the same platform for their customers through their apple owned devices such as the iPhone 6, iPhone 6 Plus, iPhone SE, and apple watch. In addition, all devices must be NFC compatible and contain an NFC chip. The NFC (near-field communications) chip enables information to be transferred wirelessly and close-by without having to connect to the Internet. Once your phone is NFC compatible you are able to make in-store transactions. Google Wallet was developed by Google and MasterCard on May 26, 2011. In addition, Google wanted to create a app where consumers could send or receive money from their mobile phones or desktop computer. The app would also allow Android users to make in-store purchases. Likewise, Apple Pay was created by CEO Tim Cook on October 2014 adopting the same concept as Google Wallet, which enables Apple consumers to make financial transactions through the iPhone or any other Apple services. How does Google Wallet/Apple Pay work? First, your mobile device must be NFC compatible. For Apple users, Apple Pay only functions on the iPhone 6, iPhone 6 Plus, and iPhone SE. According to Apple, these are the only mobile devices that are NFC compatible and contain a Touch ID sensor (Macworld.com Web). Second, one must provide their account information on the Google Wallet/Apple Pay app. Consumers are typically asked to provide information such as “your account number, type of card, and any other relevant information” (Digital trends. Web). After this step is completed, “place your phone no further than two inches from a receiver and with one tap, you’ll pay for your item” (Digital trends. Web). For Apple Pay users, “you simply hold your iPhone up to a wireless payment terminal near the cash register, and then use Touch ID to complete your purchase” (Macworld. Web). Unfortunately, mobile wallets have been proven to be not as popular among consumers. According to a study by Mobile Research, “A mere 16 percent