What it is: Apple Pay (opens in new tab), which launched Oct. Want more information about Apple Pay, Google Pay and Samsung Pay? Here’s what you need to know.

For instance, banks such as Wells Fargo and Bank of America are now starting to use NFC readers for ATM cash withdrawals. While mobile payments play in a new and hotly competitive field, replete with compatibility and security concerns, their popularity is accelerating. The app allows you to transfer funds to friends or tap to pay for items in stores. Google Wallet, another early retail payment system, morphed into Android Pay before Google folded both services into one: Google Pay. CurrentC, the QR-code-based service created by the Merchant Customer Exchange (MCX) consortium as a rival to Apple Pay, shut down, and its technology was later sold to JPMorgan Chase for use in building out its own Chase Pay system. However, there have also been some shakeouts. In October 2017, Jennifer Bailey, Apple's vice president of Apple Pay, said the company's mobile payment service represents 90 percent of all contactless payments made in markets where it's available. (Image credit: Photo Credit: Tom's Guide)Īpple Pay seems to have taken an early lead, at least according to the numbers Apple’s disclosed in its quarterly earnings reports. merchants currently offer this payment option. consumers have completed a digital wallet transaction, probably because only 36 percent of U.S.

A survey by JPMorgan Chase found that only 16 percent of U.S. Tap to pay with NFC at supported terminals, supports MST, EMV readersĬonsumers are increasingly intrigued by the concept of digital wallets, but most have only minimal experience using them because of the limited availability of this payment option. Galaxy Note 8, S8/S8+, S7/S7 Edge S6/S6 Edge/S6 Edge+ Galaxy Note 5 Gear S2, S3 watches Google Pay (formerly known as Android Pay)Īll NFC-enabled Android phones, tablets, watches running KitKat (4.4) or higher Tap to pay with NFC at supported terminals IPhone X, iPhone 8/8 Plus, 7/7 Plus, 6/6s, 6/6s Plus, SE, Apple Watch, iPad, iPad Air 2, iPad Pro, iPad Mini 3, 4, MacBook Pro with Touch Bar

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