When comparing TransferWise vs Apple Pay, the Slant community recommends TransferWise for most people. In the question“What are the best services for making online transactions?” TransferWise is ranked 3rd while Apple Pay is ranked 5th. The most important reason people chose TransferWise is:
Banks usually offer their own exchange rates, which is usually a pretty hefty "hidden fee". TransferWise uses the mid-market rate and charges you for the transactions in a more transparent way.
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Pros
Pro Transfer between currencies at the actual mid-market rate
Banks usually offer their own exchange rates, which is usually a pretty hefty "hidden fee". TransferWise uses the mid-market rate and charges you for the transactions in a more transparent way.
Pro Very low fees
Compared to banks, or even PayPal, Transferwise has very low fees. You can take a closer look here.
Pro Actual credit card number is obfuscated through Tokenization
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.
Pro The most widely used option
Apple Pay is used more than all of the competition combined.
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.
Cons
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.