It wasn’t too long ago when we first heard about the ability to pay for purchases by using our phones. Since then, the mobile industry has increasingly advanced this technology over time and both consumers and businesses are rushing to keep up with the latest trends. Two of the biggest competitors in the mobile market, Samsung and Apple, are butting heads when it comes to how their companies approach mobile payments. While they are eerily similar, we can find various differences between the two. We believe that the security, availability, and compatibility are going to be determining factors when consumers decide to sell their used cell phones and upgrade to devices that have these technologies.
How It Works
As we mentioned previously, Samsung and Apple have approached this part of their industry in different ways. Samsung took the path of incorporating cutting-edge technologies into their devices that will allow them to communicate directly with the credit card readers in the stores. Apple, however, played it safe and continued to build upon the system that they already had in place. The main question here is: Does this change how secure our transactions are when checking out?
Both companies will most likely tell us that their technology is the most secure. Apple and Samsung both use Near-Field Communication (NFC) technology to interact with certain payment terminals that accept those transactions; this is typically considered secure since both companies have had time to work on preventing hackers from stealing credit card information. However, Samsung has provided consumers with a technology that sends out the credit card information in magnetic signals that allows the terminal in the store to process a transaction. While Samsung does a decent job in explaining how this information is secured before being sent to the terminal, it has had much less time to develop than the NFC technologies.
On the other hand of that argument, Samsung is capable of communicating with nearly every credit card terminal since it uses a process used by our plastic cards. Our phones are simply communicating with the magnetic readers in the terminal, which is something that would already happen if we needed to slide our cards. This means that we could use Samsung Pay nearly anywhere we went. Apple, unfortunately, is not quite so widespread yet since it requires for businesses to install a NFC terminal, which includes the actual hardware and the software to get it up and working before consumers can process a transaction there.
We did find one very discouraging problem when considering both companies: they might not be compatible with the consumer’s chosen financial institute. Each company has a website page dedicated to listing the banks that support their apps, but the consumers that use home-town or remote financial institutes might have a difficult time setting up their mobile payments or have to go without it entirely. In the end, we decided questions of, “how much is my iPhone worth,” and “should I sell my Samsung Galaxy” could be determined entirely on the security and availability of the mobile payment options that both Apple and Samsung provide on such devices. TechPayout is here to help, we would be glad to offer you a custom quote on your device so you can get some quick cash.