The Google wallet employs Near Field Communication (NFC) technology to process transactions. This allows the user to wave their phone or tap their phone against an associated NFC terminal in a store that will collect information and complete the transaction. When the smartphone is within a near proximity of the NFC terminal it accesses the credit card information linked to your Google account once a purchase is prompted and the payment method is chosen.
Unique to the Google wallet, the application allows the user to send and receive money. This could imply monetary transfers from businesses to other businesses, businesses to consumers or from consumer to consumer. It implements a new way to freely transfer money between users and, best of all, there is no charge for this service. Upon receiving money, the user is notified immediately with live instant notifications and any balance that the user has can be spent instantly.
Near field communication allows for the optimal use of radio communication to effortlessly exchange information. This works very similarly to Bluetooth. The feature on the mobile device simply needs to be turned on to start working and then identifies any nearby signals. When a user chooses to pay with their Google wallet, the clerk or cashier will supply the NFC terminal with the appropriate information, the amount to be paid, and all that is left is to wave the smartphone over the terminal or to tap it.
Leveraging the potential of NFC, the Google wallet aims to make the purchasing process for a consumer simple and secure as possible. To facilitate efficient transactions, credit card, debit card, loyalty cards and identification data are stored on Google's secure servers, not on the phone, - ensuring safe and secure transactions. Moreover, the user determines what information they want to link to their mobile application, which means the application experience is tailored to each individual and their respective uses.
Near field communication allows for the optimal use of radio communication to effortlessly exchange information. This works very similarly to Bluetooth. The feature on the mobile device simply needs to be turned on to start working and then identifies any nearby signals. When a user chooses to pay with their Google wallet, the clerk or cashier will supply the NFC terminal with the appropriate information, the amount to be paid, and all that is left is to wave the smartphone over the terminal or to tap it.
Leveraging the potential of NFC, the Google wallet aims to make the purchasing process for a consumer simple and secure as possible. To facilitate efficient transactions, credit card, debit card, loyalty cards and identification data are stored on Google's secure servers, not on the phone, - ensuring safe and secure transactions. Moreover, the user determines what information they want to link to their mobile application, which means the application experience is tailored to each individual and their respective uses.
The Apple Passbook is an application available on iOS 6 on the iPhone that allows for the storage of coupons, event tickets, boarding passes, loyalty cards and mobile payment methods. This method of payment is eligible only for select merchants approved by Apple Inc. and uses scannable 2D bar codes to perform transactions and/or collect information, such as accumulating points on a loyalty card or verifying a membership.
Apple employs the use of 2D bar codes that are assigned to each card that is linked to the Passbook. To use these codes, businesses would have to install a specialized bar code scanners in their locations and have the associated software. It is an efficient way to perform transactions because it is as simple as scanning groceries at the checkout; a cashier may scan a loaf of bread and all the relevant information is imported on screen: the name of the product, product ID and cost of the product. Similarly, the user would simply need to have their associated card's bar code scanned and the transaction is processed immediately - with no hassle.
Chirpify is available through social media websites such as Facebook but more primarily over Twitter and Instagram. The goal is to integrate a purchasing method into activities that consumers do everyday: browse through social media, watch TV, view videos and broadcast posts or photos. Chirpify cleverly uses hash tags as their transaction medium and calls them action tags. Actions tags consist of several different commands, the most prominent being #buy, #vote and #sell that are used to perform different actions, as the name implies.
These tags can be used for a variety of purposes such as a marketing campaign for a brand. Brands can choose to continue advertising through commercials on the television or pasted on billboards but now they have an added feature - audience participation in their campaign through the use of hash tags. Firms may incorporate this method into selling their products; a billboard could contain a product such as discounted movie tickets and an interested user would compose a post to purchase the tickets and the transaction is processed. Simple, easy and cleverly integrated.
These tags can be used for a variety of purposes such as a marketing campaign for a brand. Brands can choose to continue advertising through commercials on the television or pasted on billboards but now they have an added feature - audience participation in their campaign through the use of hash tags. Firms may incorporate this method into selling their products; a billboard could contain a product such as discounted movie tickets and an interested user would compose a post to purchase the tickets and the transaction is processed. Simple, easy and cleverly integrated.
Users can transfer money between one another and perform purchasing transactions through the use of simple posts; however, this comes to a cost of a 5% transaction fee whenever money is received. There is no fee for purchasing a product but the 5% fee is charged to the person selling a product, which is very similar to a commission earned by the company.
The Lemon wallet is an application that is available throughout a much more vast array of platforms, namely Android, iPhone and Microsoft Windows. This application allows the user to integrate their identification and debit, credit and loyalty cards to perform quick and easy transactions. Furthermore, the user may also choose to link their bank account associated with each card to receive live account balance updates and review them within the application. Lemon wallet, similarly to the Apple Passbook, uses a scannable code to process transactions.
Debit, credit and loyalty cards are effectively represented through the application as all the relevant information is present in one screen. When a card is linked, an accurate visual of the card is displayed in addition to identification information, account balances, relevant transactions and a scannable code. This information is assigned to every card that is linked to the Lemon wallet and allows for a diverse, efficient and effective way to store cards on a mobile device.
Security measures on a mobile device are essential so the Lemon wallet always initiates a prompt to enter a 4 digit security PIN whenever the user attempts to access the application and when a card needs to be accessed. It ensures that only the user should be able to use the card, much like how debit and credit cards currently function. The same traditional security measures are taken in addition to server encryption; however, now all different types of cards are efficiently stored on one device for quick and easy access.
Similarly, the application encourages the user to take pictures of their receipts as a simple way to keep a record on spending or for tax purposes. As the receipts are shown on the same screen, the user is aware of their spending while accessing their methods of payment so budgeting becomes much easier.
Security measures on a mobile device are essential so the Lemon wallet always initiates a prompt to enter a 4 digit security PIN whenever the user attempts to access the application and when a card needs to be accessed. It ensures that only the user should be able to use the card, much like how debit and credit cards currently function. The same traditional security measures are taken in addition to server encryption; however, now all different types of cards are efficiently stored on one device for quick and easy access.
Similarly, the application encourages the user to take pictures of their receipts as a simple way to keep a record on spending or for tax purposes. As the receipts are shown on the same screen, the user is aware of their spending while accessing their methods of payment so budgeting becomes much easier.