In recent years, smartphones have become the one stop shop for everything you do. One of the things which have evolved with the rise of the smartphones is the way we make payments. Mobile payment apps or mobile wallets have emerged as the go-to payment methods owing to the cashless nature and the convenience it offers the users. You may already be using a mobile wallet or maybe you are looking for one to download now. Here’s a list of mobile wallets you should look into:
Owned by the Alibaba group (based out of China), Alipay was launched in 2004. Since then, it has dominated the world’s fastest-growing mobile payments market. With more than 600 million registered users, Alipay accounts for the majority of China’s online transactions. Its parent company has been expanding its services to countries like Thailand, France, India, Malaysia, South Korea and the United States of America.
Apple Pay is the fastest-growing contactless payments platform developed by Apple for iPhone users to securely make payments. 15% of its users are based out of the USA. Apple Pay supports most major debit or credit cards, including, Mastercard, Visa, UnionPay, American Express etc. Apple Pay is available in the United States, Canada, Australia, Russia, UAE, Singapore, Taiwan, Hong Kong, Japan, New Zealand, United Kingdom, China, along with various European countries. Currently, Apple Pay has more than 250,000 registered users (almost one-third of all iPhone users).
After experimenting with Android Pay and Google Wallet, Google has now come up with Google Pay, launched in January 2018. A single platform for in-store, in-app, online, and peer-to-peer payments. Earlier, Android Pay was used as a platform to make online and retail purchases. Google Wallet was a digital channel for friends and families to transfer money using a debit card. Google Pay combines the best of both in a single, easy-to-use mobile wallet. I am confident Google has hit the jackpot with this mobile wallet and is looking to expand its market much like Apple Pay.
Launched in 2015 in South Korea, Samsung Pay is a secure platform for users to make payments using their debit card, credit card and other mobile wallets from a unified interface. Currently operational in 15 countries and rapidly growing, Samsung has claimed to have facilitated over 1.3 billion transactions worldwide.
Owned by eBay, PayPal is the world leader in the mobile payments market with over 153 million accounts worldwide. The platform allows customers to securely pay for their online purchases across 190 markets, languages and 24 currencies. PayPal manages to stay ahead of its competition mainly because of its extensive acquisitions (more than 17 so far).
These are some of the most reliable and well-known options globally. The mobile wallet space is definitely going to boom further as the world moves towards cashless economies. It will be interesting to see how these mobile wallets will evolve to cater to their expanding markets.
Let us know your thoughts on the article in the comments below. Share with us which mobile wallet you prefer.
Until next time!