Use of mobile devices for making purchases has now become a common practice among consumers. Google had tried to tap in this behaviour with its mobile wallet system long time back. Now, Apple is trying to bring in iWallet to its latest iPhone.
With the release of iPhone 6 and the supposed availability of iWallet to the consumers, let us have a comparative look at both the mobile payment systems.
Cross-posted from Augmented Reality Trends
Google Wallet, the mobile payment system of Google, was launched on 19th September, 2011 in the US. This free digital wallet lets users store their credit cards, debits cards, loyalty cards, gift cards on their Google Wallet app, as well make online purchases, shop inside the stores and send money.
Shopping using Google Wallet is possible through Near Field Communication (NFC) which is a contactless payment system. Users can purchase in-store using the NFC tap or the Google Wallet Card and pay through an NFC enabled Android device.
Google Wallet can be used to purchase from Google Play store or buy other Google products. Users can also buy from certain sites using this digital payment system.
Apart from storing cards and purchasing from stores and online sites, Google Wallet can also be used to send money to others. Right now, the Google Wallet app is available only in the United States.
iWallet is the rumored mobile payment system by Apple which will be launched along with iPhone 6. There have been reports suggesting that Apple has partnered with American Express, Visa and Mastercard for this new payment system which will let users pay inside the stores just by tapping their phone on a reader.
The new digital payment system is supposed to use NFC. Apple is expected to connect this system to its iTunes store. Users are expected to be allowed to link their iPhones with their credit card so that they can make payments by swiping their mobile device.
Is iWallet better than Google Wallet?
Carrier payment systems have more control over Google than they have over Apple. The network providers in the US had minimal reason to push Google Wallet when their own wireless payment program was there. Apple has plans to launch the iWallet globally, unlike Google Wallet app.
Apple has a better influence on banks than Google, with its estimated 800 million iTunes accounts. As mentioned earlier, Apple has already signed up with three of the largest card providers. This might lead to lower transaction fees, and with its huge power Apple is likely to create a new opportunity of generating revenue successfully.
Apple might get past Google with its iWallet, since it already has Passbook, an app which retains credit card information of the iOS users, gift cards, movie as well as airline tickets. Since most of the iPhone users have already provided their credit card details while making their purchases, iWallet might be able to reach out to iOS users more easily.
We can however, know the success of iWallet only after it releases with iPhone 6 on 9th September. Until then we can just hope that this mobile payment system will make it much easier for consumers to make purchases inside the stores as well as for online purchases.
What do you think?
Do you think iWallet is better than Google Wallet? What features would you like to have in either Google Wallet or Apple iWallet?
Share your insights with AustAR Labs in the comments below.