Apple Pay is going to be released very soon, and many people are finding themselves wondering how exactly this is going to impact other transaction services such as Google Wallet. Most people are wondering whether or not PayPal, the largest payment service available to the average person, is going to end up losing all their business due to Apple Pay. Here are the ways that PayPal and Apple Pay compare to one another.
PayPal for online payments
It is unlikely that Apple Pay will ever beat out PayPal for online payments. PayPal already has the infrastructure set up and is widely used and trusted among its users. Sure, it is splitting up from eBay for the sake of competition, but that doesn’t mean people who already have their PayPal set up are about to go deleting it while they wait for Apple Pay to set up an infrastructure.
In-store win goes to Apple
According to ABC News, Apple Pay allows users to easily pay with their phone at the store, which allows them to replace a pocket full of credit and debit cards with a phone. However, PayPal doesn’t have the same ease of use in the store. Currently, if you want to use PayPal in-store, you have to sign in to your account and then sign in to the store you are trying to purchase from. Most people don’t even know the feature exists with PayPal. Apple Pay, however, will be much easier to use since you will just pick the card you want to use and pay.
Security measures
The problem with all this is that security has to be top-notch in order to protect information being transferred wirelessly from phone to store and vice versa. The nice thing about Apple Pay is that the system is set up in a way that your data doesn’t even get sent - just a unique code used to reference your payment. PayPal, on the other hand, sends your bank info directly to the store, which is pretty dangerous some may believe. PayPal does email you after every transaction making it easy to keep track of exactly what is being purchased on your account though. It all just depends on what you are looking for in security.
Not for everyone
The other problem is that PayPal is available on every device, whereas Apple Pay is only available on the iPhone. That means people without the newest iPhones will pick PayPal in a heartbeat.
Future is mobile
Though it may be unclear what exactly will happen with the future of mobile payment operators, it is clear that people are moving more towards mobile-everything. As more and more people spend extra time focused on their smartphones and keeping their lives on one device, you’ll need to make sure you can access them through that device. By having a texting platform in place for two-way communication between you and customers, you’ll already be ahead of the competition, especially if you have an artificial intelligence automated response system available to respond to customers for you.
Mobile technology news brought to you by businesstexter.com
Source: abcnews.go.com/Technology/head-head-paypal-apple-pay-compare/story?id=25887198