Tap. Pay. Done. A simple three-step process is how Google describes Android Pay, its soon-to-be-launched mobile payments system. To start with, it will be launched in the US.
What is Android Pay?
It is a digital payments system that allows consumers to make purchases offline or online, without having to open any payment apps or fish out their credit cards or cash at the time of shopping. To use the new payment system, users need to add their credit or debit card details to their updated Android smartphones in advance, according to the Android website.
While making a purchase, users just need to unlock their phone, place it near a contactless terminal, tap on the icon and pay. For those making online purchases, select the “Buy with Android Pay” button and that’s it. Online checkout is as simple as a tap and saves the consumer the bother of entering bank details and shipping address each time they are shopping.
Android Pay was announced during Google’s developer conference in May and appears to be a revamped version of Google Wallet that the company had launched in 2011. Wallet relies on an app and PIN (personal identification number) system to verify users’ identity. With Android Pay, Google does away with the app as well as the need to enter a PIN.
The technology is built right into the operating system. Pay will even automatically prompt the buyer to use a loyalty card or gift card, if applicable.
Is it secure?
Android Pay offers extra layers of security. Firstly, your card details are safe and secure. When you shop at a merchant, Android Pay doesn’t send your actual credit or debit card number with your payment. Instead, it uses a virtual account number to represent your account information, so your card details are safely tucked away, according to the company statement.
Secondly, it makes it easy to track purchases. After making a purchase, you’ll see a payment confirmation that shows you exactly where a given transaction happened, along with the merchant’s name and number. So it’s easy to catch any suspicious activity.
And finally, there will be no need to cancel your credit card if you do happen to lose your phone. You can use Android Device Manager to instantly lock your device from anywhere, secure it with a new password, even wipe it clean of your personal information.
How does it compare with Apple Pay
Apple Pay is one of the few mobile payment options currently available to mobile users. Launched in October 2014 in the US, Apple Pay offers one-tap online payments. Fundamentally, experts are of the view that the only real difference is the operating system it is running on—if you have an iOS device, you will have to use Apple Pay and if you have an Android device, you will have to use Android Pay. However, Apple Pay has the first mover advantage, and also works on the Apple Watch. Android Pay so far will not work on Android smartwatches.
While the company has not formally announced a launch date (though rumours abound that Android Pay may be launched as soon as this week), it does say that Android Pay would be accepted in more than 700,000 stores and more than 1,000 mobile apps at launch.
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