Digital wallets like PayPal and Skrill have, no doubt, revolutionized how consumers paid for purchases and transacted online. But companies like Google, Apple, and Samsung have taken this further, upending the Fintech space with their digital wallet facilities. Thanks to them, you no longer need to carry a wallet full of cash and cards. They’re also convenient to use and much more secure than credit cards.

As a result, their adoption has been steadily rising, especially among the Millennials and Gen Zs. By 2024, one in three of all in-store payments in the US is expected to be a digital wallet payment.

In just under a decade, Google Pay and Apple Pay, in particular, have shown promising growth in empowering cashless payments. And their dominance in tech has given them a clear edge over the competition. But how do they compare? Let’s take a look.

Google Pay

Owned by the search giant Google, this mobile wallet was first launched in 2015 as Android Pay. It was a successor of Google Wallet, released in 2011. It’s a payment facility available for Google account holders, although it’s still not available in some countries.

Pros

  • Has wider compatibility with a range of Android devices and browsers like Google Chrome, Mozilla Firefox, Safari, and Microsoft Edge. Online transactions are even available on certain iPhone devices.
  • High level of security with tokenization, fingerprints, passwords, PINs, and pattern features.
  • Vendor payments and peer-to-peer payments available.
  • Accepts credit, debit, loyalty, and gift cards.
  • In-app and web purchases allowed.
  • Limited international money transfer facilities.

Cons

  • Currently available in only 40 countries.
  • Limited to NFC terminals.

Apple Pay

Launched in 2014, Apple Pay currently leads the mobile payment market with over 440 million users. It’s available on Apple devices like the iPhone and Apple Watch and also on Safari for online payments.

Pros

  • Has wider acceptance worldwide compared to Google Pay.
  • High level of security with tokenization, fingerprints, and face recognition technology.
  • Vendor payments and peer-to-peer payments (between Apple devices) available.
  • Accepts credit, debit, and loyalty cards.
  • In-app and web purchases allowed.

Cons


So, which should you choose—Google Pay or Apple Pay? The truth is, there’s no clear winner. They both fare well in terms of security, types of cards accepted, in-app and web purchase facilities, functionality, and ease of use. Apple has an advantage when it comes to the number of countries it’s available in. But Google tops the chart with device and browser compatibility. This single feature could tip most people into choosing Google Pay. But then again, if you’re an Apple user, then you’re likely better off with Apple Pay.

One thing is for sure: given the pace that technology keeps evolving, both these digital wallets will certainly keep improving their services with more and more features and give each other a run for their money.

(Image courtesy: Google Blog)

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