Two powerful contenders are competing with Apple Pay to replace your leather wallet with a virtual one and let you make credit and debit card payments with a tap of your phone. Google has unveiled a revamped wallet for in-store payments, now known as Android Pay. The new Samsung Pay, available on the newest generation of Samsung Galaxy smartphones, can be used almost anywhere you can use a credit card—-not just in stores equipped with upgraded terminals. Banks and retailers are also getting in the game with their own payment applications
Mobile Wallets: A Smart Way to Pay?
Although you can’t make payments everywhere with most mobile wallets, they’re becoming more widely accepted. As retailers upgrade their point-of-sale terminals to allow transactions involving a credit or debit card with a microchip, many are getting near field communication (NFC) capability as part of the package, says Christopher Cox, vice president of mobile commerce solutions at First Data, a payment services provider. NFC is the technology that enables contactless mobile payments, such as the “tap and pay” methods that are features of the Apple, Android and Samsung wallets.
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