My last weekend’s experience is illustrative of how much technology is slowly becoming intertwined and transforming our lives. Stuck with hotel rewards points that we needed to use or lose, my husband, Michael, and I made plans to head to the Big Apple for an extended Martin Luther King Jr. weekend.
Are you dizzy keeping track of all the mobile payments announcements? Its seems like every other day a new company throws its hat into the mobile payments arena – from Apple Pay, Android Pay, SamSung Pay to coming soon LG Pay, Chase Pay, and Walmart Pay.
These digital wallets share one common feature – instead of swiping a credit or debit card, you hold your smartphone up to the payment terminal to pay. Most offer tokenization services that substitute a user’s card details by generating a one-time dynamic code for each transaction with random numbers to reduce the risk of fraud. For the average user, the differences are slight. Q INSIGHTS latest Infographic highlights what you need to know. For more details read on.
Am I the only one who hasn’t fallen under Apple Pay’s spell? It’s not just that it’s not available to those who don’t own an iPhone nor that the tap and pay NFC (near field communication) technology can’t be used at most point-of-sale (POS) devices. While reports of consumers linking their debit and credit cards to Apple Pay are high, repeat usage figures are less impressive, with only about half of the numbers.
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