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What are the best contactless payment options?

5
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5 Options Considered

5 Options ConsideredPriceLast Updated
Apple Pay
Oct 17, 2016
Google Wallet
Nov 9, 2015
Android Pay
Jan 13, 2016
Softcard
Jul 13, 2015
Samsung Pay
Jul 13, 2015
See Full List

Apple Pay

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Andris Pelcbergs
Top Pro

Actual credit card number is obfuscated through Tokenization

•••
Andris Pelcbergs
Top Pro

Fingerprint authentication adds secondary authentication without requiring to remember anything

•••
Fingerprint authentication adds secondary authentication before a transaction can be initiated. Additionally, it makes sure that nothing get's bought by accident and doesn't require remembering anything such as a password or a pin to use.
Andris Pelcbergs
Top Pro

The most widely used option

•••
Apple Pay is used more than all of the competition combined.
Andris Pelcbergs
Top Pro

No credit card information is stored on Apple's devices or servers (except during setup)

•••
Apple avoids any contact with real credit card information, except during setup at which point all information is handled carefully using encryption throughout the process.
Andris Pelcbergs
Top Con

Works only with iPhone 6 or later

•••
Apple Pay is compatible only with iPhones and only those that include an NFC and Secure Element chips which currently is only iPhone 6 and iPhone 6 Plus.
Andris Pelcbergs
Top Con

Works with a limited selection of cards

•••
See 4 more Pros & ConsSee 4 more Pros & Cons

Google Wallet

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Andris Pelcbergs
Top Pro

Best choice of supported cards through Google's Virtual Card system

•••
Google has a partnership with Bancorp Bank that issues a Virtual Card to Google Wallet users that works as an intermediary between customer's card and merchant. It gives more choice in terms of compatible cards and works as a card fraud mitigation technique.
Andris Pelcbergs
Top Pro

Has a robust fraud protection system

•••
All verified unauthorized transactions reported within 120 days of the transaction are completely refunded.
Andris Pelcbergs
Top Pro

No credit card information is stored on the phone

•••
In case a phone is lost or stolen no access to actual credit card information can be gained.
Andris Pelcbergs
Top Pro

4-digit PIN provides added security through secondary authentication

•••
4-digit PIN that has to be entered before any transaction can take place adds secondary authentication and makes sure that nothing gets bought by accident.
Andris Pelcbergs
Top Con

Credit card and transaction information is stored on Google's servers

•••
See 3 more ProsSee 3 more Pros

Android Pay

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Bryan
Andris Pelcbergs
Top Pro

It's a platform not an app

•••
Android Pay functions as a platform that allows third-party developers to create payment apps on top of it not as a standalone app itself. This potentially will enable higher competition between available frontends and as a result better solutions without having the payment information tied to one...
Bryan
Andris Pelcbergs
Top Pro

Integrates loyalty programs

•••
Know any negative aspects of this option?
See 1 more ProSee 1 more Pro

Softcard

Add Video or Image
Andris Pelcbergs
Top Pro

4-digit PIN provides added security through secondary authentication

•••
4-digit PIN that has to be entered before any transaction can take place adds secondary authentication and makes sure that nothing gets bought by accident.
Andris Pelcbergs
Top Con

No tokenization

•••
Real credit card information is provisioned to the SIM card.
Andris Pelcbergs
Top Con

Has trouble getting card issuers on board

•••
See 1 more ConSee 1 more Con

Samsung Pay

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Andris Pelcbergs
Top Pro

Can be used with a traditional credit card swipe reader

•••
Samsung Pay supports Magnetic Secure Transmission technology that allows using the phone to swipe near a credit card swipe reader to pay. The technology currently is only supported in Galaxy S6 and Galaxy S6 Edge phones.
Andris Pelcbergs
Top Con

Killer feature is limited to a subset of smartphones

•••
Magnetic Secure Transmission technology that allows using the phone to swipe near a credit card swipe reader to pay is only supported in Galaxy S6 and Galaxy S6 Edge phones.
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7 Community Recommendations

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Andris Pelcbergs
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