Different Types Of Mobile Wallets And Mobile Payments – A Complete Guide

When it comes to mobile wallets and mobile payments, there are a number of different options available. Each wallet or payment type has its own benefits, costs and pros and cons. Knowing the differences between these types of services can help you make an informed decision when choosing how you want to pay for goods and services.

1. Apple Pay: Apple Pay is a mobile payment solution that allows users to make purchases securely and quickly with their iPhone or Apple Watch. When you use Apple Pay, your card details are not stored on your device; instead, a unique code is used for each purchase. This makes it secure, but also means its only available to those who use an iPhone or Apple Watch.
2. Android Pay: Android Pay is Google’s version of a mobile wallet, and works in much the same way as Apple Pay. It’s available to users with compatible devices running on the Android operating system, including Samsung Galaxy phones and tablets. Again, your card details are not stored on your device, but a unique code is used for each purchase.
3. Samsung Pay: Samsung Pay works in a similar way to both Apple and Android Pay, with the added benefit that it also supports magnetic stripe cards (in addition to chip-and-PIN credit/debit cards). It’s available on select Samsung Galaxy devices such as the S6, S7 and S8.
4. PayPal: PayPal is an online payment system that allows you to easily transfer money from one person or business to another without having to enter your card details. It’s widely accepted at online retailers, but can also be used in some physical stores with compatible terminals.
5. Venmo: Venmo is a mobile payment app owned by PayPal that allows you to send and receive money with friends and family. It’s free to use, but comes with an added layer of security so you know your transactions are safe.
6. Square Cash: Square Cash is a mobile payment service that lets you send and receive money with your smartphone. It’s free to use, but comes with an added layer of security so you know your transactions are safe.
7. Zelle: Zelle is a mobile payment service available to the customers of certain banks in the US. It allows you to quickly and securely send money to someone without having to enter your card details.
8. Bank Mobile App: Many banks now offer mobile apps that allow you to check your balance, transfer money and pay bills – all from the convenience of your smartphone. These apps are secure and often come with added features such as budgeting tools.
9. NFC Payments: NFC stands for ‘near field communication’ and is a technology that allows two devices to communicate with each other when placed in close proximity. This technology is used in contactless payment systems, such as Apple Pay and Android Pay, which allow you to simply tap your phone against a compatible terminal in order to pay for goods or services. 

No matter which different types of mobile wallets or mobile payments system you choose, it’s important to ensure that your details are kept secure. Make sure you only use services from reputable providers and always double-check the terms and conditions before agreeing to them. With the right security measures in place, you can enjoy all the benefits of paying with your phone.