Mobile payments are made for the comfort of the users. Every time you pay with your phone and stored debit card, by holding your device near the psychical POS terminal, you make a mobile payment. The three biggest advantages of mobile payments are speed (everything happens in seconds), practicality (you don’t need to bring cash or another payment instrument) and security (to make payments like this you need to enter your default screen method).
An interesting fact is that the first mobile wallet was Google Wallet which was created in 2011. A little later, in 2014, Apple introduced Apple Pay, and a year later Google Pay and Samsung Pay were launched. Although they are at the market for more than 10 years ago, mobile payments have become one of the most common methods of making transactions in the last few years.
iCard digital wallet gives the clients the advantage to choose between several methods of payment by phone. The first implemented service was iCard Pay – a method for making mobile payments in the iCard app. All users who use Android now have the right to choose whether to pay with iCard Pay or Google Pay, and customers who use iOS can pay anywhere in the world via Apple Pay.
Clients of iCard can also take advantage of different payment methods with a smartwatch. Depending on the device you own, you can use Garmin Pay or Apple Pay to pay with your watch. Mobile payments can be made not only with a phone and а watch but also through payment accessories such as keychains, bracelets, lockets, rings, etc.
Do you want to know how mobile payments work, who uses them most often, what is the difference between iCard Pay, Google Pay, Apple Pay, Garmin Pay and other interesting facts? Read here:
1. How do mobile payments work?
Mobile payments are one of the most convenient ways to pay at millions of places around the world. For the transaction to be successful, you need two things: 1. a debit card added to iCard Pay, Apple Pay, Google Pay or Garmin Pay (you can add any physical or virtual Visa card issued by iCard); 2. a retail store, where contactless payments are accepted (to have contactless POS at the checkout). Now all you have to do is hold your device near the POS. The exchange of information between the phone and the POS is made thanks to the NFC (near-field communication) technology that both devices maintain. When you are making this type of transaction, you do not need to take a wallet or debit card out of your bag.
2. Who uses mobile payments most often?
Mobile payments are the preferred method of transaction for more and more people around the world. According to experts, by the end of 2022, the mobile wallet market size around the world is projected to reach over 3 trillion dollars, since the creation of mobile payments. Have you ever wondered what part of the people around the world pays with a phone? Survey data reveals what percentage of each age group regularly uses mobile devices to pay with them:
- 62% of people aged between 18 and 26;
- 53% of people aged between 27 and 44;
- 36% of people aged between 45 and 55;
- 21% of people aged between 56 and 75.
3. What are the benefits of making mobile payments?
The advantages of making mobile payments are many. You do not need to bring your wallet with debit cards and cash with you. Mobile payments are made in seconds. When you pay by phone, you can easily manage all transactions. With iCard, you get a real-time push notification for each payment made with a card issued by us. This way you can easily keep track of your finances in one place.
Another advantage of mobile payments is security. Before completing the transaction, you must unlock your phone with the default screen lock method you have chosen. When paying by phone through iCard, the details of the transaction do not reach the merchant and are not written in the receipt. Valuable card data is replaced with a unique digital identifier called a “token”.
4. What are the differences between iCard Pay, Google Pay, Apple Pay, and Garmin Pay?
iCard digital wallet gives you several ways to make mobile payments – with iCard Pay, Apple Pay, and Google Pay. What are the differences between them and how to choose which function to use?
If your phone is with Android, you can make mobile payments with your digital wallet via iCard Pay and Google Pay. You can add any of your debit cards issued by iCard to iCard Pay. Then all you have to do is hold the phone near the POS, use the device protection method (fingerprint, facial recognition, pattern, etc.) and hold the phone near the POS terminal again. To pay with Google Pay you first need to add your debit cards issued by iCard. For the transaction to be successful, you have to unlock your phone before holding it near the POS.
If your device has an iOS operating system, you can pay with it and iCard via Apple Pay. Apple Wallet is installed automatically on your phone and you do not need to download it. All you have to do is add your debit cards issued by iCard to take advantage of the service.
With iCard and Apple Pay, you can pay with your smartwatch. Just add your debit cards issued by iCard (via “Watch” app on your phone) and bring the device neat to the POS to pay with it. iCard digital wallet gives you another option to pay via smartwatch – Garmin Pay. The payment process with Garmin Pay and iCard is similar to the one with Apple Pay – you need to add your debit cards, issued by iCard to Garmin Pay Wallet. To make a payment with your Garmin watch, you need to hold it near the POS of the store where you want to pay.
5. What is the future of mobile payments?
Will mobile payments be able to surpass cash payments as well as contactless payments with a plastic card? Unfortunately, no one can predict for sure yet. The fact is, however, that interest in them is growing each year. Payments with a phone, a watch, and other accessories will become a favourite way of paying most people around the world because of the time they save and the convenience they provide.
Learn more about iCard: https://icard.com/en
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