Apple Pay, Samsung Pay and Android Pay: A primer in digital wallet technology
According to research conducted by Strategy Analytics and reported by NFC World, more than 100 million people will make an NFC (near-field communication) mobile payment in 2016. And within five years, the value of transactions conducted via NFC handsets will skyrocket to an estimated $240 billion.
Digital wallets, such as Apple Pay, Samsung Pay and Android Pay, sit squarely at the center of this growing market. And while the experts agree that all roads lead to a future economy that revolves around mobile, consumers to-date have been slow to embrace mobile payments, due at least in part to their perception that the technology is not secure.
In fact, Raddon Financial Group research published in CU Today reveals that 56 percent of smartphone owners surveyed won’t make a mobile payment today over perceived security concerns.
The reality is that the tokenization technology securing Apple Pay, Samsung Pay and Android Pay transactions very effectively protects consumers from card fraud – and much more effectively than swiping a physical card, something consumers do routinely without hesitation.
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