Mobile Payment Vendors
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Mobile Wallet technology is used by the following major tech companies: Apple, Samsung, Android. Apple Pay is compatible with iPhone 6 and later, Apple Watch, and several iPad versions (“Apple Pay”, 2016). Despite being the most widely accepted form of mobile payments accepted by banks, Apple Pay has yet to be implemented with most retailers, and relatively works with only a few retailers at the moment (Wolff-mann, 2015).
Samsung Pay is restricted to newer models such as Galaxy S6 and Note5. Samsung Pay has a major competitive advantage over Apple Pay. By mimicking magnetic stripes found in cards in the absence of NFC technology, Samsung Pay works virtually everywhere (Wolff-mann, 2015).
Android Pay works with all android phones built in with NFC technology. Unlike both Apple Pay and Samsung Pay, Android Pay does not limit its users and is more compatible with more devices than its competitors (Wolff-mann, 2015).
Image source: http://neurogadget.net/2016/05/01/android-apple-samsung-pay-one-better/29121
Image source: http://neurogadget.net/2016/05/01/android-apple-samsung-pay-one-better/29121
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