Mobile Pay is a money payment feature that is made for a product or service through a portable electronic device such as a smartphone, tablet, or smartwatch. Apple Pay and Google Pay / GPay are among the most popular examples of Mobile Pay that are being used today.
Mobile Pay options (e.g., Apple Pay and Google Pay) were developed to allow payment by passing a smartphone screen (displaying a special barcode) under a restaurant's barcode scanner, which allows the customer to simply hover their phone near a contactless credit card terminal, paying instantaneously.
Using Mobile Pay
To use a Mobile Pay service, you will:
Add (or choose) your credit/debit card to your device's wallet and use it through Apple Pay or Google Pay to confirm payment.
Use a secure method to authenticate your identity (i.e., facial recognition, fingerprint, PIN, etc.).
Using Mobile Pay On-Site
When physically at a business, the Mobile Pay method utilizes Near-Field Communication (NFC) technology; NFC is a touchless, close proximity level of communication between two devices and is used as a means of verifying electronic identity through a mobile device.
When requested for payment, use NFC to proceed with the purchase (when prompted and ready, hold the device near the POS device) and complete the transaction.
NFC / Contactless Symbol
Using Mobile Pay through App or Web
When conducting business through an App or Web, the Mobile Pay method simplifies the checkout process by offering a secure, efficient means of providing contact and payment method with a simple click.
NOTE: Regarding Mobile Pay through App, it is important to know that Apple device users can only use Mobile Pay using Apple Pay, Android device users can only utilize Mobile Pay through using Google Pay, but when Mobile Pay is enacted while on a Web platform, it is possible to use either method.
Example of checkout using Apple Pay.
Example of checkout using Google Pay (GPay).
There are Mobile Pay apps for both Apple (Apple Pay) and Android (Google Pay) which a majority of customers will have access to when conducting business.
Mobile Pay provides additional privacy and security benefits compared to physical credit/debit cards. Since the payment process can be done through a mobile device, it effectively eliminates the need for a physical payment method.
Your card number and identity aren’t shared with merchants, and your actual card numbers aren’t stored on your device or on any servers.
As added security, many Mobile Pay methods utilize facial recognition, fingerprint scans, or PIN code capture as a means to add additional layers of protection during purchase. This guarantees higher levels of security for POS transactions.
Mobile Pay is a more secure form of payment, viewing it through the scope of Fraud Prevention. It is considerably more difficult for an End User to commit fraud through Mobile Pay because:
Typically, it requires Two Factor Authentication to use (i.e., Face ID, Touch ID) and is verified by Apple / Google at the point of connecting the credit card to their Mobile Pay wallet.